Perspective Financial Group has secured a multi-million pound loan from Lloyds TSB Corporate Markets, boosting its acquisition funds beyond £12.5m.
The IFA consolidator has already used £6m to purchase eight firms over the last 18 months but says the remainder will help finance deals for at least five other businesses.
Perspective is currently in "contractual" discussions with three IFAs, it says, with deals likely to be completed before the end of October. It adds it is likely to acquire two further firms before the end of the year.
The company, which also has financial backing from private equity firm Mosaic, buys firms with a view to boosting profitability by increasing recurring revenue streams. It says the group has already developed recurring annual income worth £4.5m and funds under management worth £500m.
"This new acquisition facility is a real vote of confidence in Perspective and its strategy, in what are still particularly difficult economic times," Perspective Financial Group managing director Damian Keeling says.
"Lloyds TSB Corporate Markets recognises we are developing an IFA Group of true quality and we will continue to use this enhanced facility to bring suitable and profitable firms within our group structure."
Noel Stubley, director in the acquisition finance team at Lloyds TSB Corporate Markets, adds: "We have great faith in the management team at Perspective, who have done an excellent job in implementing its strategy since inception of this project in early 2008."
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