The cash deal would be worth around £14 million, with the combined group set to become the second largest IFA network in the country.
Money Portal has said there will be no great changes to the business, with its strategy and operational locations remaining the same, while Burns-Anderson’s chief executive, Mike Hughes, and its finance director, Peter Coleman, will remain in their roles at the company.
Hughes commented: “We have been very particular in seeking the right partner to help us accelerate our ambitious plans. Money Portal shares the same values and ideals as Burns-Anderson and it is at the forefront in the financial services sector in strategic thinking.
"In addition to returning over £14 million to our shareholders, we will now be able to deliver a market leading service proposition to our members and provide terrific opportunities for our staff.”
The Burns-Anderson deal would be Money Portal’s ninth acquisition in the last two years.
Its chief executive, Richard James Craven, commented: “Burns-Anderson has proven scale, a loyal client base, excellent brand and strong management.
"This is a great strategic alliance and complimentary fit, making Money Portal the largest independent distributor of financial services in the UK.
“We are excited about delivering the benefits of that scale to our clients, their clients and our shareholders.”
