Merchant Securities acquires Cavendish Young

Merchant Securities, a financial services group, has acquired IFA Cavendish Young for up to £1.3 million.

London-based Cavendish Young has 2,500 private clients and has total managed funds of £46 million. The firm made pre-tax profits of £2,600 on turnover of £630,000 in the 12 months to March 2009.

Patrick Claridge, chief executive of Merchant Securities, said: ‘This deal represents a major step forward for the private client business, increasing total group funds under advisory and discretionary management to over £135 million.’

In the year ending March 2009, Merchant Securities reported revenue of £5.4 million and gross profits of £4.6 million.

Nick Britton

Nick Britton

Nick was the Managing Editor for growthbusiness.co.uk when it was owned by Vitesse Media, before moving on to become Head of Investment Group and Editor at What Investment and thence to Head of Intermediary...

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