Close confirms £17m Chartwell deal as profits dive

The company said operating profits dived from £12m in 2009 to just £3.3m for the year ended 31 July. It said the fall came as the firm goes through a period of growth and invests for the future. Close said the £17m acquisition of Chartwell, with over £650m of client assets, provides it with a regional office in the South West of England and over 60 new staff. The firm added it entered into an agreement to acquire client assets of up to £50m from an IFA during the year but said the assets from the acquisition will take at least 12 to 18 months to transition. It then underlined a gro...