Towergate Financial buys Scottish IFA

Towergate Financial has bought independent financial adviser (IFA)Nicholson Finance, the Financial Times reports.

Nicholson is based in Troon, near Glasgow.

Towergate Financial, the IFA arm of broking group Towergate, is looking to make a series of acquisitions over the next 12 months.

“Towergate Financial is now a ‘go to’ employer and we are focused on bringing many more companies and advisers into our fold in the coming months.” Towergate Financial chief executive Dan Saulter told the FT.

Saulter added that his company is seeking financial planners and mortgage brokers in particular.

The Towergate group as a whole has amassed an acquisition fund of £90m through its refinancing programme, which was completed in February this year. The consolidator attracted a £200m investment from private equity house Advent international, issued £520m of bonds and secured £410m in bank loans.

The group said in its third-quarter report to bondholders that it expects to use all of its £90m acquisition fund in the next two to three years.

Towergate made a loss after tax of £14m in the third-quarter, bringing the 2011 loss to date to £35.4m.

Dan Saulter, formerly Towergate Financial’s chief operating officer, took over from previous chief executive Ian Darby on 1 December.