Walter Wright was established in March 2002 and was run by managing director Rob Vallily. From acquisition the firm has become part of Perspective’s Newcastle office, Rutherford Wilkinson. Rob Vallily will work with Rutherford Wilkinson for a short period to ensure a smooth transition for clients before retiring.
The firm has an annual turnover of £190k, with funds under management of £48m and £90k EBITDA (earnings before interest, taxes, depreciation and amortisation).
Damian Keeling, managing director of Perspective Financial Group Ltd, said: “The acquisition of Walter Wright Financial Services is slightly different to the majority of purchases we make as a Group given the firm will immediately become part of our Newcastle office.
"This is due to a number of factors including its size, the proximity of the firms and the fact that MD, Rob Vallily, will be retiring from the business soon after completion.
"Normally directors at our acquisitions commit to the two-year earn-out period and the firms continue to run as separate operations within the wider Group structure. This was not appropriate in this purchase and instead we are pleased to integrate Walter Wright into Rutherford Wilkinson, one of the most respected IFA operations in the North East.
“This has been the sixth Perspective acquisition deal that has been facilitated through the team at Retiring IFA and we have been impressed by its operation in securing quality IFA firms to become part of the wider Group.
"This does not end our acquisitions for 2011 and we expect to complete on several further purchases before the end of the year.”
Rob Vallily, managing director of Walter Wright Financial Services, said: “I am pleased that we have been able to integrate the business with Perspective and that our clients and staff will now be looked after as part of Rutherford Wilkinson.
"Since the business was established over nine years ago we have worked hard to ensure we delivered quality advice across a wide range of financial products to a growing client base.
"Having reached the stage where I wish to retire, I am pleased that Retiring IFA helped me find a national Group which has the same values as our own. This acquisition will allow me to walk away from the business knowing that our clients are being serviced in the right way and they will be benefiting from everything Perspective and Rutherford Wilkinson can offer.”
