The Lighthouse Group has acquired Leeds-based IFA Godfrey Pearson Limited (GPL) and its 50 advisers.
Lighthouse will pay up to £1.5m in cash and/or shares for the group over a three year period, based on performance targets for the newly-created division LighthouseGP. In addition, Lighthouse will guarantee GPL's existing banking commitments up to £400,000.
David Hickey, Lighthouse executive chairman, says the deal has taken nine months from first discussions to transaction.
"We like the business; it has a number of high-quality advisers with a strong client base of young professionals, such as doctors and lawyers," he says.
Hickey adds Lighthouse has concluded its recent restructure, which reduced its total headcount by 10%, and will continue to be on the lookout for more acquisitions.
GPL's former managing director Lee Barnard will lead the new LighthouseGP division.IFAonline
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