Skipton acquires IFA

Amanda Jarvis

January 20, 2003

An initial purchase price of £3 million, with a maximum potential consideration of £9 million will be paid. This brings the total number of subsidiaries within the Skipton Group to 17.

Pearson Jones is a firm of independent financial advisers which specialises in wealth management. It offers a wide range of services, including self-administered corporate and personal pensions, as well as tax and trust advice – services not normally associated with IFAs.

Commenting on the move, John Goodfellow, chief executive and director of Skipton Building Society said, “Pearson Jones is an excellent fit within the Skipton Group of companies, and complements many of the services our existing subsidiaries offer – particularly in the field of financial planning. Their strong regional presence, allied with their unique blend of services and abilities, means the potential for growth within the company is good.”

Skipton is already a major player in the financial services market through its Estate Agency, Connells, and its two significant IFAs, Skipton Financial Services (SFS), and Direct Life and Pension Services (DLPS). Through SFS it offers independent advice to all its customers across its nationwide 80 branch network.

The acquisition of Pearson Jones is a further step in Skipton’s drive to create greater depth to its presence in the IFA distribution marketplace.

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