Private equity-backed MKC Wealth has bought the IFA client book of Sevenoaks-based accountancy firm Samuels for an undisclosed sum.
As part of the deal, MKC Wealth will provide regulated financial planning services to IFA clients of Samuels, who are mainly based in London and the south east.
Until now, clients were offered these services by an in-house adviser who has now retired.
Dominic Rose, chief executive of MKC Wealth, said: “We are the preferred financial advisory partner for a number of accountancy practices which have chosen to focus on their core business in the face of increasing financial services regulation.
“This transaction facilitates the continuation of advice and service to Samuel’s clients following the retirement of their in-house adviser, whilst enabling us to be a trusted partner for their future clients’ needs.”
Sam Narula, senior and founding partner of Samuels, added: “With our in-house IFA approaching retirement, I was determined to make sure our clients continued to receive the best possible advice.
“Our initial search proved fruitless as I found the sausage factory approach of the people who wished to acquire our IFA clients business very disappointing. I considered MKC’s approach refreshing. Their ethos matched our own.”
This deal comes several months after Cabot Square Capital-backed MKC Wealth acquired IFA firm Genius Wealth Management for an undisclosed sum.
