We advised on the sale of City Financial Planning to Advanta Solutions

Advanta Solutions Ltd has announced that it has acquired City Financial Planning Limited, adding a further £800m of AUM under its stewardship. City Financial Planning has offices in both Bath and Exeter. This is Advanta’s second acquisition in 2024 and the ninth in total.

Advanta is actively seeking acquisitions having secured a significant investment from Beech Tree Private Equity. 

With offices in London, Glasgow, Dundee and now Bath and Exeter, the Advanta group of companies offers financial planning and insurance services to its clients across the UK through Advanta Wealth, Advanta Mortgages and Advanta Risk. 

The Bishop Fleming corporate finance team of Joe Coghlan, Lindy Adams and David Lock, acted as lead advisers to the shareholders of City Financial Planning.

Commenting on the transaction, Tim Quirke, Director, made the following statement:

“Becoming part of the Advanta family enables us to continue to grow the business that has its origins almost 25 years ago when the current Directors joined forces to create City Financial Planning.  We have built up a base of fantastic clients, many of whom have become personal friends, making it essential for us to find the right company to partner with. We believe that Advanta is the right company for our clients and our staff.

Knowing that Advanta shares the same values, professionalism and client service standards that we believe in, was a fundamental key to our decision.  This, added to the synergies that exist between our companies, gives us confidence that becoming part of the Advanta group is a positive and important step for our business.   Advanta will help to develop and enhance the advice and service levels we offer our clients and provide the resources to help grow the business to the next level.

I would like to thank Dave, Joe, Lindy and the Bishop Fleming team for their unwavering commitment and support. They have worked hard to understand our objectives, our business and the IFA sector more widely, helping us to execute and to navigate the complexities of the transaction to gain the right deal for the shareholders, staff and clients.”

Craig Webster, CEO of Advanta, added:

“Adding a Bath and Exeter office to our group is a significant step in our journey and enhances our ability to service our growing client base and the firms we work with.   We are delighted that City Financial Planning have decided to become part of the Advanta team and that the Directors, advisers, their clients, and staff are joining us. City Financial Planning have built a fantastic reputation with their clients, and we look forward to working with them on the next phase of their journey.

Clients are, quite rightly, demanding more from the firms they trust their financial planning to. As a Chartered firm, we are firmly focused on our clients by providing insight and understanding married with service, experience and qualifications. Raising the standards of advice and service is central to our strategy of creating a professional environment for our clients.”

Joe Coghlan, Bishop Fleming Corporate Finance Director, said:

“We are delighted to have been involved in this deal which provides an excellent result for the shareholders of City Financial Planning and secures an exciting future for the business as part of the Advanta Group”.

Lindy Adams, Bishop Fleming Corporate Finance Manager, said:

“We have really enjoyed working with Tim and the shareholders on this transaction. This is a fantastic deal for both parties and we look forward to watching their continued success”.

The shareholders were also advised by Katharine Mortimer and Yasmine Grove at RWK Goodman.

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