LONDON: Harwood Wealth Management Group, a leading UK based financial planning and discretionary wealth management business, has exchanged contracts to purchase Goldwyns Wealth Management Limited, based in Southend on Sea, and the trade and assets of Andrew Routley Pension Limited, based in Portsmouth; both are established financial advisory firms.
The purchase price for Goldwyns is £0.8 million and the purchase price for Routley is £0.6 million. In both cases, the purchase price is payable 50% on completion (expected to be in October and December 2019, respectively) followed by two installments of 25% each which are due to be paid on the first and second anniversaries of completion, contingent upon results.
Harwood Wealth Management also announced the completion of the purchase of the trade and assets of Patricia Hodge IFA. The purchase price for Hodge is £0.4 million with 50% paid on completion and two installments of 25% each due to be paid on the first and second anniversaries of completion, contingent upon results.
Peter Mann, Chairman of Harwood Wealth Management Group said: “In line with our strategy, we continue to make quality acquisitions and I am pleased to welcome the staff and clients of Goldwyns, Routley and Hodge to Harwood. We continue to see a healthy pool of acquisition opportunities ahead of us and, as communicated at the Group’s interim results, are working on several acquisitions at various stages of progress.”