Financial planning firm Harwood Wealth Management has landed three M&A deals.
Overall, the wealth manager paid £1.8m ($2.19m, €1.97m) to take over three financial advisory companies.
Firstly, Harwood exchanged contracts to buy Goldwyns Wealth Management, based in Southend on Sea, for approximately £800m.
It also signed agreements to acquire the trade and assets of Portsmouth-based Andrew Routley Pensions for circa £600m.
Additionally, Harwood has completed the M&A process to take over the assets and trade of Patricia Hodge IFA, for around £400m.
Not looking to stop
In all three cases, 50% of the purchase price will be paid on completion, which for Goldwyns and Andrew Routley is expected to be October and December 2019, respectively.
The remaining half will be paid in two 25% instalments on the first and second anniversary of completion, subject to results, Harwood said.
“In line with our strategy, we continue to make quality acquisitions and I am pleased to welcome the staff and clients of Goldwyns, Routley and Hodge to Harwood,” said Peter Mann, chairman of Harwood WM.
“We continue to see a healthy pool of acquisition opportunities ahead of us and, as communicated at the group’s interim results, are working on several acquisitions at various stages of progress.”
