UK financial advice firm Chase de Vere has announced the acquisition of Scottish IFA firm Ferguson Oliver.
The deal was completed on 18 October 2019, but Chase de Vere first revealed the acquisition on 26 June 2020 in its 2019 company results.
Brechin-based Ferguson Oliver was founded by Mike Ferguson in 1989, and he was subsequently joined by his twin brother Ken, with the two of them previously being the joint owners.
The firm serves clients in the north east of Scotland.
Finances
The acquisition has increased the group’s assets under advice by £180m (£223m, £199m).
Chase De Vere acquired the entire share capital of Ferguson Oliver for a total consideration of £3.85m.
Stephen Kavanagh, chief executive of Chase de Vere, said: “We are actively looking for other like-minded adviser firms to join us; firms that are focused on providing exceptional client service and are committed to offering truly independent financial advice.”
Results
In the results, Chase de Vere reported a profit of £13.1m before tax in 2019 (£10.62m in 2018).
It said this was its “sixth consecutive year of profitability”.
Company turnover increased to £72.3m from £68.5m in the year.
