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

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.