An initial purchase price of £3 million, with a maximum potential consideration of £9 million will be paid. This brings the total number of subsidiaries within the Skipton Group to 17.
Pearson Jones is a firm of independent financial advisers (IFA) which specialises in wealth management. It offers a wide range of services, including self-administered corporate and personal pensions, as well as tax and trust advice - services not normally associated with IFAs.
The company operates from offices in Leeds, Sheffield, Barnsley and York, with 101 staff, including 29 consultants, and has a client bank of over 12,000. Pearson Jones originated in 1972 when Trevor Jones traded as a life and pensions broker, and in 1981 was joined by Andrew Pearson to form the basis of the present company.
John Goodfellow, Chief Executive and Director of Skipton Building Society said, "Pearson Jones is an excellent fit within the Skipton Group of companies, and complements many of the services our existing subsidiaries offer - particularly in the field of financial planning. Their strong regional presence, allied with their unique blend of services and abilities, means the potential for growth within the company is good."
Skipton is already a major player in the financial services market through its Estate Agency, Connells, and its two significant IFA's, Skipton Financial Services (SFS), and Direct Life and Pension Services (DLPS). Through SFS it offers independent advice to all its customers across its nationwide 80 branch network.
The acquisition of Pearson Jones is a further step in Skipton's drive to create greater depth to its presence in the IFA distribution marketplace.
Whilst Pearson Jones will now report to the Skipton's main Board of Directors, it will continue to be run as an independent company and will retain its brand.
Trevor Jones, director of Pearson Jones added, "We are delighted to become part of a strong and forward thinking financial institution, which will ensure our future growth and development. This will naturally benefit our clients and creates a marvellous opportunity for everyone within the company. The additional disciplines we bring to the Group as wealth managers, trust and pension specialists, mean that we can add significantly to the services the Society offers to its members and to the market generally."
