CooperBurnett has advised on the sale of the Groombridge-based IFA, Brunning Newman Houghton Ltd (BNH), to the wealth management company Bellpenny. Victoria Sampson, a partner at CooperBurnett, worked with the vendor David Brunning in the quickly completed deal.
“The draft sale agreement was received on a Thursday and we completed the following Friday – so we worked hard together to achieve a very tight deadline,” says Victoria Sampson.
Based in Reading, Bellpenny is a national team of financial planners and experts, dedicated to helping its clients ‘make the most of their money’. The acquisition of BNH coincided with the purchase by Bellpenny of three other IFA businesses, with combined funds under management in excess of £300 million and more than 2500 active clients.
“As part of our goal to become the UK’s most trusted financial advice brand, we are seeking to acquire high-quality IFA businesses with proven track records,” says Dominic Rose, Acquisitions Director for Bellpenny.
Adds Kevin Ronaldson, CEO of Bellpenny: “With a number of other major acquisitions still in the pipeline, we have a thoroughly exciting 2013 to look forward to. It’s no small step for those selling IFA businesses which have been built up over many years, with strong client bonds having been forged. That’s why all the IFAs we’ve dealt with have taken such comfort from Bellpenny’s relentless client-focused ethos and from the high standards of professionalism they see in every area of our business.”
As part of the deal, David Brunning has joined Bellpenny and will ensure a smooth handover for BNH’s clients.
“In joining Bellpenny’s national team of financial planners and experts, we are delighted that David is able to bring his wealth of experience to further enhance our proposition,” says Dominic.
David says of the deal: “I am very grateful to Victoria for guiding me through the sale. It was completed extremely quickly and, to achieve this, we all had to work very hard. Everyone at CooperBurnett pulled together to help us achieve this, hitting deadlines as they appeared.”