8th Oct 2024 11:46
(Correcting spelling of CEO's name)
(Alliance News) - Brooks Macdonald Group PLC on Tuesday announced its acquisition of LIFT Financial Group Ltd and LIFT-Invest for up to GBP45 million.
The London-based wealth manager said it acquired the two LIFT businesses for an initial cash consideration of GBP30 million and a total consideration of up to GBP45 million, subject to financial targets.
LIFT is a financial services provider based in Manchester, with offices in London and Edinburgh. It delivered revenue of GBP11.3 million and reported pretax profit of GBP500,000 for actual 2023, and is expected to be accretive to underlying earnings per share for Brooks Macdonald within the first full year of ownership. The two acquisitions combined are expected to add more than GBP16.5 million in annual revenue for Brooks Macdonald.
The acquisition is subject to regulatory approval and expected to complete by the end of March 2025.
Chief Executive Officer & Chief Financial Officer Andrea Montague said: "I am pleased to announce today the acquisition of LIFT, a high-quality and well-established financial services business with a track record of profitable growth. This is an exciting step in the execution of our strategy and reinforces our commitment to delivering trusted financial planning services backed by best-in-class multi-asset investment solutions."
Shares in Brooks Macdonald were up 3.2% at 1,920.00 pence each in London on Tuesday morning.
By Emily Parsons, Alliance News reporter
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