Beaufort Group on acquisition hunt for 5 IFA firms

Beaufort Group is planning to acquire five IFA firms in the next 12 months as the advisory firm pushes for growth and sets to double its turnover to £4m this year.

“We are planning to grow our business through the relationship with other IFA firms who have the right structure and size,” Beaufort Group chief executive Andrew Bennett told Fundweb.

The group’s plan is to attract four or five firms and it is currently “particularly close” to signing a deal with one firm, Bennett reveals.

The chief executive did not say the name of the firm but said it manages £60m in assets and has a £1.2m turnover.

Beaufort Group’s turnover for the year ended 31 March 2014 was £1.93m, with a pre-tax profits of £232,303. Bennett said that pre-tax profits for the same period this year are expected to increase to £500,000. 

“Our business may well double both in size and turnover in the next 12 months, particularly as it has grown steadily in its first three years, tripling its assets and will continue to do so,” Bennett says.

The group recently appointed Oliver Couchman from Sanlam UK as head of distribution to help the company in approaching firms as well and promoting the business’ discretionary fund management service.

Following its ambitious acquisition plans, Beaufort Group’s DFM, Beaufort Investment Management, has a target of some £1.5bn in assets by 2020, from the £430m it’s managing today. 

The company’s DFM service is currently available on 7IM, Standard Life, Axa and Transact.

Beaufort Group was set up in 2012 by Bennett and former Honister Capital director Alan Easter and currently has 10 advice firms housing 33 advisers.