23rd Apr 2018 12:50
LONDON (Alliance News) - Harwood Wealth Management Group PLC on Monday said that it intends to buy retirement solutions company Plan65 Ltd for GBP1.6 million.
The financial planning firm said it will pay the initial cash consideration of GBP810,068 from its existing cash resources. After that it will pay deferred consideration of GBP747,296 in two instalments over the next 24 months, subject to adjustment based on the relevant performance criteria.
The group said that Plan65 is currently owned by its founders Keith Turner and Doug Rae, who will retire upon completion of the acquisition.
Harwood Wealth said that Plan65 has assets under influence of GBP42.0 million and will be integrated into the group's subsidiary Compass Wealth Management Consultants Ltd.
"In line with our strategy to acquire independent financial advisers firms which share our values and culture, we are very pleased to have completed the asset acquisition from Plan65," said Harwood Wealth Non-Executive Chairman Peter Mann.
"Since its inception in 2011, Keith and Doug have built a successful business and we wish them well for their future. We look forward to continuing to provide Plan65's clients with continued expert advice and exceptional service," Mann added.
Shares in Harwood Wealth were trading 2.0% lower at 147.00 pence per share on Monday.
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