13 Jan 2009 07:00
| Press Release | 13 January 2009 |
Lighthouse Group plc
("Lighthouse" or "the Group")
Acquisition of trade and assets of Godfrey Pearson Limited
Lighthouse Group plc (AIM: LGT), one of the UK's largest Independent Financial Advice and Wealth Management groups, today announces the acquisition of the trade and certain assets and undertakings of Godfrey Pearson Limited ("GPL"), a Leeds based firm of Independent Financial Advisers. GPL is an established firm with approximately 50 IFAs focusing on providing advice to newly qualified professional clients.
To accommodate the business, Lighthouse has created a dedicated division, LighthouseGP Limited ("LighthouseGP"). Advisers employed by or affiliated with GPL will commence registration with LighthouseGP immediately in order to achieve a seamless handover of adviser and client relationships.
As part of the arrangements, Lighthouse is guaranteeing GPL's existing banking commitments up to approximately £400,000. This amount is expected to self liquidate through trading in the ordinary course of business over the next one to two years. In addition, deferred consideration of up to a maximum of £1.5 million in total may be payable over a three year period (in cash or new LGT shares at the option of Lighthouse), subject to the satisfaction of various performance targets.
Commenting on the transaction, David Hickey, Executive Chairman of Lighthouse said: "GPL is already a sizeable and successful business with high quality advisers and an experienced management team. Lighthouse sees this new division as complementing and enhancing its significant affinity focussed business. In addition to increasing group revenue and profits, the new division is expected to provide greater exposure to younger clients across a number of professions.
"The Board of Lighthouse Group plc welcomes the GPL advisers and looks forward to working closely with them and with the management team led by Lee Barnard and his colleagues."
Lee Barnard, the previous managing director of GPL, and the new managing director of LighthouseGP added: "We are pleased to join the Lighthouse group and believe that this transaction will enhance the opportunities available to clients, advisers and staff. We also look forward to benefitting from the scale of Lighthouse, and to the advantages of being a part of the UK's largest autonomous independent financial advice and wealth management group."
- Ends -
For further information, please contact:
| Lighthouse Group plc | |
| David Hickey, Executive Chairman | Tel: +44 (0) 20 7065 5646 |
| Allan Rosengren, Joint Chief Executive | Tel: +44 (0) 117 929 1012 |
| Malcolm Streatfield, Joint Chief Executive | Tel: +44 (0) 20 7065 5646 |
| www.lighthousegroup.plc.uk |
| Shore Capital and Corporate Limited | Tel: +44 (0) 20 7408 4090 |
| (Nominated Adviser to the Company) | |
| Dru Danford | |
| Stephane Auton |
Media enquiries:
| Abchurch Communications | Tel: +44 (0) 20 7398 7700 |
| Heather Salmond | Tel: +44 (0) 20 7398 7704 |
| heather.salmond@abchurch-group.com | |
| Joanne Shears | Tel: +44 (0) 20 7398 7709 |
| joanne.shears@abchurch-group.com | www.abchurch-group.com |
Notes to Editors
About Lighthouse Group plc
Lighthouse Group is the largest autonomous provider of independent financial advice, wealth management and distribution of retail financial products in the UK, with in excess of £6 billion of funds under advice. The Group is cash generative, profitable and dividend paying.
Lighthouse Group provides support to approximately 900 IFAs across the UK who, in turn, provide fully independent financial planning advice to both private and corporate clients via its operating divisions including LighthouseCarrwood, LighthouseTemple, Falcon Group, LighthouseXpress, FSAS and City Pensions.
Based in major operational centres across Britain, the Group has grown through both organic growth and key strategic acquisitions since being admitted to AIM in October 2000.