Newcastle-based financial services company, Moneygate Group Limited, has acquired Equus Independent Financial Management Limited in a deal advised by leading North East commercial law firm Muckle LLP.
Moneygate, which started in 2006 from headquarters in Newcastle, has acquired the City-based IFA business for an undisclosed sum.
The acquisition has seen Moneygate take on Equus 37 advisers and a further 34 staff taking Moneygate’s total number of advisers to around 100 and increasing the total value of clients’ funds it advises on by £1bn.
Lee Hartley, chief executive of Moneygate, said: “”We are delighted to have completed this acquisition, as it is a significant and strategic part of our build plan.”
“We have been looking to make a City-based acquisition to build our London operation around. Equus is a fantastic business with a strong management team. We intend to support its growth through investment, the extension of our technology and marketing platform and also by leveraging our process capability to enhance efficiency.””
Philip Clare, associate solicitor at Muckle LLP, who advised Moneygate on the acquisition, said: We have worked with Moneygate for several years now and have advised them on a number of transactions. We are delighted to have played an important role on this deal and it is great to see a local business pushing ahead with its exciting growth plans.
Muckle prides itself on the strong relationships it has with its clients and I look forward to continuing to work with Moneygate in the future.
Moneygate is one of the UK’s fastest growing independent financial advisory companies. From its beginnings in 2006 in Newcastle, it now operates across the whole of the UK including Scotland, Wales and Northern Ireland.
In support of the deal, Equus also recently moved into new 10,000 sq ft premises in Throgmorton Street in the City and its managing director will take up a new role within Moneygate.
Lee Hartley added, We have built an excellent relationship with Muckle and it is a real asset to work with a law firm that understands your business objectives when trying to execute an acquisition that is far from simple. This deal took around 12 months to complete and the advice we received from Muckle throughout the process was invaluable.””
Above photo from left to right: Lee Hartley (Moneygate) and Philip Clare (Muckle LLP).