27 March 2008
Established in 1987, Burns-Anderson, based on Great George Street, is the longest established financial adviser network in the UK. With a turnover of £43.5 million for the year to 31 December 2007, it is ranked 13th in the top 100 IFA businesses and provides its members, with compliance support and business development services.
The Money Portal was established in 2001. Since then it has grown, via acquisition, to be the largest independently owned financial services distributor in the UK.
Grant Thornton’s Bristol-based corporate finance team led the deal, advising Burns-Anderson on the transaction and tax issues, whilst Burges Salmon LLP provided legal guidance.
Commenting on the sale, Mike Hughes, Chief Executive of Burns-Anderson plc, said: “Having built the business to achieve profitable growth and with favourable market conditions, the time was right to realise the return on the investment made by our shareholders. With Grant Thornton’s help, we explored the options open to us.
“There is a natural fit with The Money Portal, with the services we provide for IFAs neatly complementing their strategic view. The Money Portal is considered to be the fastest growing distributor in the country and so I believe the deal will be a real platform for expansion, which is good news for our 78 staff.”
Chris Godfrey of Bristol-based law firm Burges Salmon LLP commented: "The Money Portal has no current plans to alter Burns-Anderson’s corporate strategy or change the operational places of business. Therefore The Money Portal’s investment in Burns-Anderson will only strengthen this long- established Bristol business’s offering, providing a platform for further growth.
“It is an important part of Burns-Anderson’s culture to remain committed to the region’s strong financial sector.”
Trefor Griffith, corporate finance director at Grant Thornton in Bristol, added: “Burns-Anderson attracted the attention of The Money Portal because it is a strong business with a successful track record.
“This deal is good news for all involved. Burns-Anderson’s shareholders are getting an excellent return, The Money Portal is buying a successful business that will help it grow quickly, IFAs will have access to a broader range of valuable services and the employees will have the security of working for an ambitious and successful business.”