Skipton Building Society has acquired an 86% stake in Torquil Clark Holdings Ltd to strengthen its financial advice offering.
The firm is the fourth financial advice company within the Skipton Group, bringing its total number of subsidiaries to 20.
Torquil Clark, founded in 1989, employs a total of 120 staff, with 17 advisers offering financial planning, investment advice, mortgage services and life insurance.
The firm has £610m of funds under management and is on of only three UK IFA firms to hold the Gold Standard Award for independent financial advice.
Commenting on the acquisition, David Culter, group corporate development director of Skipton, says: “We already have a strong presence in the IFA market with our existing subsidiaries Skipton Financial Services, Pearson Jones and Parnell Fisher Child, so the fit of Torquil Clark in the Group is obvious.”
Torquil Clark will continue to operate as an independent company and will retain its brand, but will now report to the Skipton board of directors.
Don Clark, founder and principle shareholder of Torquil Clark, will leave the firm.
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