Directly authorised firm based in South Wales is looking to sell due to the owner finding it difficult to keep up with ever-growing demands from the FCA. They are in their 50’s and are the sole adviser; their wife helps out with general administrative duties.
This business manages c£11m of FuM with a turnover of c£88k; £75k coming from recurring income and £13k from new business. Their client bank consists of 37 households with average holdings of £294k. Ongoing charge is 0.75% with 2 households on 0.5%.
Seeking share purchase to benefit from Business Asset Disposal Relief. This could suit an acquirer looking to facilitate a change in control to take over the permissions. Ideally looking for a multiple of 3.5x recurring income.