Lighthouse Group Plc, one of the UK’s largest financial advice and wealth management groups, has announced the acquisition of the trade and certain assets and undertakings of Godfrey Pearson, a firm of independent financial advisers (IFAs) based in Leeds.

Lighthouse Group Plc, one of the UK’s largest financial advice and wealth management groups, has announced the acquisition of the trade and certain assets and undertakings of Godfrey Pearson, a firm of independent financial advisers (IFAs) based in Leeds.

As part of the transaction, the AIM-traded company intends to honour Godfrey’s existing banking commitments up to some £400,000. The deal also includes a deferred element of up to £1.5 million, which will be dependent on performance targets over a three-year period.

The Leeds venture employs some 50 IFAs focusing on providing advice to newly qualified professional clients. The deal will strengthen Lighthouse’s position in the market as well as bringing younger clients to the business. The new company will trade as LighthouseGP.

David Hickey, executive chairman of Lighthouse, said: “Lighthouse sees this new division as complementing and enhancing its significant affinity focused business in addition to increasing group revenue and profits.”

Lighthouse joined AIM in October 2000 and has more than £6.3 billion of funds under advice, an increase of 12 per cent on 30 June 2007.
Last year, the company reported pre-tax profit of £442,000 on a turnover of £25.5 million, and has a cash balance of £12.3 million, up 61 per cent on last year.