Financial services group IFG has purchased the UK financial advisory services group Fair Isle Investments and its subsidiaries John Siddall Financial Services and John Siddall Asset Management for £3 million sterling (#4.9 million).
Fair Isle is based in Fareham, Hampshire, and is mainly involved in investment and corporate pensions. Fair Isle will be integrated with IFG Life and Pensions. The acquisition is in line with IFG's ambition to expand its chain of independent advisers in Ireland and Britain.
The purchase was by £3 million in cash and the issue of £700,000 three year bank guaranteed loan notes. An additional £2 million may be payable, through loan notes, based on the profits and recurring income up to December 2002.
In the nine months to the end of December last the group reported pre-tax profits of £167,762 on turnover of £1 million. The net assets being acquired amount to £300,000. The two principals, Mr David Wallace and Mr John Deeley, plus two other executives, have entered service agreements with the respective trading companies.
