Berry Birch & Noble (BBN) has revealed plans to acquire Berkeley Financial Services Group, the UK's fourth largest IFA network group, in a reverse takeover.
Independent financial advisor and insurance broker Berry Birch & Noble (BBN) has revealed plans to acquire Berkeley Financial Services Group, the UK's fourth largest IFA network group, in a reverse takeover.
The move to form Berkeley Berry Birch is an attempt to build the critical mass that is needed to gain access to high value consumers.
The two companies said they had agreed on a £47.75m price tag.
The deal, which is subject to shareholder approval, also depends on Berkley raising £10m of new funds from five investors: Clerical Medical, Friends Provident, Norwich Union, Scottish Widows and Skandia.
Its main operating subsidiaries will be Berry Birch & Noble Financial Services, Berry Birch & Noble Insurance Brokers and Berkeley Independent Advisers.
BBN chairman Sir Jeremy Black said: "The prospects for the future growth of the enlarged group are encouraging and the acquisition of Berkeley should enable Berry Birch & Noble to become a leading financial services distributor which can exploit the changes in the market and achieve enhanced shareholder value".
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