Torquil Clark has just signed two deals to acquire specialist life broker LifePolicies Direct and PS Employee Benefits, in a move which should boost the adviser group further up the ranks of the top 20 UK IFAs.
These latest acquisitions by Torquil Clark - for undisclosed sums - gives the combined group a combined turnover of around £9m as well as a move into corporate client sector with the acquisition of PS.
While most aspects of the business will remain unchanged at LifePolicies, says Jason King, managing director and founding partner alongside Simon Platt, the telephone and internet-based life distributor - with a turnover of £4m and 40 staff - will relocate from its Telford office to TQ’s Wolverhampton office.
King and Platt will retain an equity stake in the business, but both felt they needed to either expand the firm or find a new partner, says King.
“Having experienced rapid growth over the last five years it became clear that we needed to either invest in our own corporate infrastructure or join forces with a like minded company.
This deal with Torquil Clark will empower LifePolicies Direct to realise its full potential and a very exciting future awaits the company, its staff and our clients,” adds King.
This move comes at the same time as a promotion for John Chapman to managing director of TQ while Don Clark will become chairman of the group, according to a statement published by the intermediary firm.IFAonline
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