European Wealth completes £3m acquisition

Wealth manager European Wealth has completed the £3m acquisition of IFA business ISM Solutions it announced in its annual results in May.

The firm has already paid £1.25m in cash to be followed by a further £1.75m in cash and shares within 12 months' time, dependent on ISM's recurring revenue in the year. For the full year to 31 March, the London-based IFA had a turnover of £1.1m, around 92% being recurring income, and a profit before tax of £114,986. Its aggregate net assets stood at £29,000. In its latest set of results in May, European Wealth announced it raised £2m to fund this acquisition, as well as other potential bolt-on acquisitions in the future. Growth strategy: European Wealth hits acquisition trail as ...