Quilter buys Lighthouse Group for £42m

Quilter now has more than 3,900 advisers

Quilter's wholly owned indirect subsidiary Intrinsic has agreed a deal with investment management firm Lighthouse to buy the business for £42.2m.

The deal will see Quilter and its advice arm Intrinsic grow to more than 3,900 financial advisers. Quilter is paying £46.2m in total for Lighthouse but the advice network has £4m in excess cash on its balance sheet, so will in effect be paying £42.2m. Lighthouse is perhaps best known for its affinity services, which means it is the preferred provider of financial advice to 23 groups, including the likes of The Royal College of Nursing and British Airways Clubs, which have a total of six million members.  Lighthouse made a £2.5m profit in 2018 from £53.5m group revenues, citing the "le...