IFA consolidator Perspective Financial Group has bought Kent firm Professional Investment Management Services (PIMS).
The acquisition of PIMS marks Perspective’s tenth buyout since the consolidation group launched in April last year.
PIMS directors Glyn Downton, Neil Brenchley and Kevin Mullins will remain at the firm and will now have Perspective backing to make their own acquisitions.
‘We now have the ways and means to grow the business at a much faster rate than previously possible and although we have strong local connections we will be looking to expand our reach across the wider region,’ said Downton.
PIMS was established in 1987, has a turnover of £1 million with a recurring income of around £500,000. It will retain its branding.
Perspective managing director Damian Keeling said that the acquisition allowed the consolidator to stretch its geographical presence and that he planned further acquisitions this year.