This business is based in the West Midlands and is an Appointed Representative of a large network. They are looking to sell due to some of the team wanting to retire. The one remaining director feels that the business is likely to have reached capacity in terms of growing new clients if he is left to run the business single handedly. This Director would ideally like to be kept on post sale, although this isn’t a dealbreaker. The other IFA / Mortgage Adviser is looking to retire along with the Office Manager. Plus, there is a part time administrator who is likely to want to be kept on if possible but again, this isn’t a deal breaker.
The business currently manages £21m of FuM of that, c£18m is with Quilter. This is generating £130k in recurring income. Client bank consists of c120 households with average holdings of £175k mainly located within 10 miles of their West Midlands office. Average ongoing fees is 0.6%. This is a clean vanilla business with no high-risk areas of advice. Ideally seeking share sale but not opposed to an asset sale if this compensates additional tax.