Advisory firm Moneygate has received a cash injection of £18m with which it hopes to buy approximately 25 companies, according to reports.
The firm, based in the north east, has confirmed backing of about £18m from its main investor, London-based Committed Capital to step up its acquisition drive.
Committed Capital has agreed to fund the completion of deals to buy 25 more IFA businesses which Moneygate says will help to increase its annual turnover to £60m by 2016, according to online publication NEBusiness.
The company also said it intends to launch its own asset management business.
Moneygate employs a core 36 staff in the north east and 120 financial advisers across the country.
In addition, the firm said it expects to turn over about £16m this year after taking over a number of new advisory businesses, including 24 in the last year.
Chief executive Lee Hartley told NEBusiness: "We are looking to buy firms with a value of around £750,000 to £2m. I sign them up initially and am spending around £3.5m in total on that. When we [have worked] with them to measure and improve performance, we will complete the deal.
"We have been expanding well and performing, and we expect to continue our expansion trajectory over the next few years."
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