Lancashire-based financial advice firm True Bearing has bought seven IFA businesses across the north west of England since the start of 2022.
This comes a year after the company joined forces advice consolidator Amber River.
In the last 10 months, True Bearing has acquired seven unnamed firms based in Radcliffe, Bowden, Sale, Preston, Cockermouth, Stoke and Macclesfield. The financial terms of the deals were not disclosed.
The company also added that it is “in talks with several other north west IFA firms” and with the deals in the pipeline, True Bearing hopes to pass the £10m ($11.3m, €11.6m) turnover mark.
George Critchley, True Bearing chairman, said: “The firms we have decided to buy have been run by people with the same attitude, so it appears there is a good cultural fit. We value every pound that our investors trust us with.”
Mary-Anne McIntyre, chief executive of Amber River, added: “From the first time we met George and the True Bearing team we knew they shared our passion for creating a best-in-class financial planning group centred around clients.
“George is well known for this and, as a result, has been able to attract like-minded businesses in the region to join him on the journey. It’s a pleasure to see our partnership bearing fruit and new roles being created to support both client and firm growth.”
In September 2022, International Adviser exclusively reported private equity-backed Amber River Group bought Leeds-based Leodis Wealth Limited for an undisclosed sum.