This follows the acquisition of Holden Meehan in June 2003 and further accelerates the Group's strategy of building a high quality comprehensive financial planning proposition in the mid to high net worth market, complementing its high street presence through The MarketPlace brand. Completion of the deal is subject to regulatory approval.
With four offices and twenty advisers, Aitchison & Colegrave focuses on financial planning for corporate and individual customers. In the year ending 31 July 2002, Aitchison & Colegrave had a turnover of £4.1million and net assets of £2.5 million.
Upon completion, Aitchison & Colegrave will be rebranded Charcol Aitchison & Colegrave. Its current management will remain within the business, playing an important role in developing the Charcol financial planning capability. The addition of Aitchison & Colegrave and Holden Meehan to the Charcol stable builds on Charcol's current position as the UK's leading mortgage IFA, increasing both the range of services it offers to clients and its ability to attract new customers.
Commenting on the acquisition, Christopher Rodrigues, Group CEO, said
"This latest IFA acquisition brings further financial planning skills to our Charcol business and creates immediate scale in the Scottish market, complementing the presence of Charcol Holden Meehan in Bristol and London. This is another step towards achieving our ambition of making Charcol one of the country's leading financial planning brands ahead of regulatory change."
Bradford & Bingley is currently the UK's largest IFA through its two brands; The MarketPlace and Charcol.
