Merchant Securities buys Cavendish Young

Merchant Securities has acquired Belgravia-based IFA and wealth management firm Cavendish Young for a fee of up to £1.3m.

Formed in 1999, Cavendish Young manages £46m for high net worth individuals, with a client base of approximately 2,500. The initial consideration for the acquisition is £65,000, of which £32,500 was paid on completion. Further deferred consideration may become payable, depending on the future profitability of Cavendish Young up to 31 March 2014, with a potential deferred consideration capped at £800,000. It could also rely on the amount of funds which come under the discretionary management of the group over the same period, with an additional deferred consideration capped at £500,...