Formerly owned by IFG Group, the acquisition of wealth planning company Siddalls France marks the tax specialist’s growth plans for UK nationals living in France, many of whom require assistance in the face of ongoing legal and financial changes in France and the UK.
Chief executive John Simmonds said: “Siddalls naturally complements our strong position in France and will undoubtedly accelerate our growth plans in that country, for the benefit of our clients and the group as a whole.”
“Can only be positive”
General manager at Siddalls Rupert Holderness is confident that the merging of the businesses “can only be positive” with Blevins Franks demonstrating a “long term commitment to invest in and develop the business in France”.
He added: “Blevins Franks can add a new dimension to the Siddalls’ service by providing advice to clients who may wish to move to other European countries.”
The company currently has offices based in Spain, Portugal, Cyprus and Malta, and the latest addition puts its assets under management at €2.2bn (£1.7bn/$2.8bn).
Blevin Franks has previously stated its intention to double in size by 2017, with Simmonds and co-founder and chairman John Stone saying they intend to take the organisation from a 20-adviser firm with €1.5bn in assets under management, to one with 40 advisers, with €3bn.
Meanwhile, IFG has said it has turned its attention towards its core business, but was keen to find “the right purchaser who could safeguard the future of Siddalls clients and staff”.
Group chief executive at IFG Group, Paul McNamara, said: “We are pleased that Blevins Franks has agreed to acquire Siddalls France, and by drawing on their strong reputation and extensive experience will develop further the local organisation and advice-based services to clients in France.”
A working group will be assessing “the optimum way” to operate over the coming months in order to benefit both sets of clients.
