Adviser Services Holdings Limited (ASHL) has bought Cheshire-based Sense Network for £9.35m ($12.29m, €10.4m).
The service will continue unchanged, as will the team, with the exceptions of Phil Young, who will step down as chair, and Stephen Young as non-executive director.
ASHL is building a group of companies providing complementary services to financial advisers, and Sense will play a pivotal part in this group and continue to provide services to advisers who wish to remain independent and within a network.
This deal comes several months after ASHL acquired Lyncombe Consultants, an IFA network of 30 advisers.
Management team
ASHL’s leadership team includes Michael Couzens, Andy Ferns and Stuart Cresswell, who have been appointed to the Sense Network board alongside the existing executive board members, Leanne Williams and Jason Kirk, and non-executive director Rory Percival.
Sense Network said in a statement on 7 September: “There is no intention from ASHL to change any contractual or commercial terms for staff or members at this point and they are keen to look at how they can bring their considerable experience and expertise to Sense members to enhance their proposition.
“Nor will there be any job losses at Sense. ASHL intend to build their business around the current Sense business, including keeping its head office location in Knutsford.”
Details
A number of individual Sense shareholders, representing a majority shareholding, were approached and offered a price for their shares which matched their expectations and was accepted.
ASHL do not currently offer competing services and have committed to retaining Sense’s staff and independent status.
There are some formalities to complete, however Sense Network expects “no significant issues”.
The deal is subject to Financial Conduct Authority (FCA) approval.
2020 growth
Phil Young, chair of Sense, said: “Sense is a great business which has thrived since it launched in 2007.
“It has continued to grow throughout 2020 despite all the challenges this year has thrown up, which is testimony to the strength of its business model, the dedication of its staff and the adaptability of the successful advice firms it supports.
“I know the new shareholders recognise this and are committed to ensuring a seamless transition for everyone.”
