The independent financial advice arm of Powell Insurance Brokers has been bought by three of its senior managers.

The independent financial advice arm of Powell Insurance Brokers has been bought by three of its senior managers.

Powell Financial Management was acquired for an undisclosed sum by its existing management, George Bulfield, John Noble and Blaise Davies.

Managing director Bulfield said this deal allows his business and that of its former parent to continue expanding their operations.

“This deal is a testimony to the growth of our companies in recent years and allows us both to maintain our strong position within Liverpool’s financial services sector,” he added. “Increased regulation and shake-up in the industry has meant that we have to be more flexible and more responsive to client needs.

“The independence of our two companies will enable us to continue delivering a quality service while maintaining strong commercial links between us.”

The business was sold as part of a re-organisation of the Powell Insurance Brokers group and will continue to trade from its Liverpool premises.

Davies added that it was important to retain the company name because of its strength in the region.

“This move enables us to have more flexibility to respond to conditions in the market,” he added. “We’ve got a five-year strategy and we want to build on our presence and expand in Liverpool and beyond.”

The management received legal advice on the buy-out by its long-standing adviser Mace & Jones, led by partner Bruce Robinson.

Robinson said the deal needed approval from the Financial Services Authority as well as tax clearances from HM Revenue & Customs before it could be closed.

“HM Revenue & Customs’ approval only came through around 3pm on the date of completion, which was the last day of the group’s financial year. We then had to complete that day to avoid adverse tax consequences, but managed to do so by the relatively early hour of 7pm.

“The separation of two relatively diverse companies will give each business better focus and enable each to build on its existing reputation to strengthen its position in the marketplace,” he added.

Powell Insurance Brokers was advised on the disposal by chartered accountant Duncan Sheard Glass.

The firm, which was led by partner Andrew Moss, provided financial and tax advice on the deal.

Moss, who was supported by tax partner Paul Hyland, said the firm is Powell’s existing auditor.

“The project had to be completed by the end of October for commercial and tax purposes and required careful thought as to the appropriate structure and tax implications to achieve the client’s objectives.”