This firm is owned by a husband and wife partnership based in the South West and is looking to sell the client bank as the owner intends to retire. They are open to remaining with the firm post-sale for up to 3 years, however is willing to sell and go for the right deal with an Acquirer.
The business has c£23m FuM (of which c£9m is in Pru bonds), a recurring income of c£117k and new business of c£22k. Their ongoing charge is 0.5% with some on 0.75% and one client on 0.25%. They currently have 78 active households with average holdings of c£300k.
This is a clean, directly authorised business with no high-risk areas of advice. As their average client holding strong, plus can be sold as an asset sale, the vendor is seeking a purchase price for this business of 4x recurring income via share purchase.