Punter Southall Financial Management has announced plans to buy national IFA firm Opus Consulting for an undisclosed sum.
The transaction is expected to be completed by December, subject to regulatory approval, and will see Punter Southall Financial Management - a national IFA and employee benefits consultancy - buying 100% of the share capital of Opus Holdings, the holding company of Opus Consulting.
Although the price of the acquisition is unknown, Opus - one of the oldest financial advisory firms in the country and employing around 60 staff nationwide -, is forecasting a turnover this year of more than £5m.
Meanwhile Punter Southall Financial Management says the proposed acquisition follows a period of “significant organic growth” for the company of 30% with a forecast turnover for 2006 of more than £8m.
David Cowlen, the managing director of Opus, will continue to run the business following the takeover, while Paul Johnston, managing director of Punter Southall Financial Management, says it has been very impressed with the progress Opus has made over the last couple of years and says it will be “business as usual”.
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