Ascot Lloyd acquires Newell Palmer

Ascot Lloyd, one of the UK’s leading independently-owned IFA firms, is pleased to announce the acquisition of Newell Palmer, one of the largest and fastest-growing IFAs in the West Midlands.

Newell Palmer will add well over £12m in revenues to Ascot Lloyd Group. The acquisition will now mean that Ascot Lloyd is expected to turnover in excess of £50m in 2019 and will move EBITDA to well over £11m. In addition, the deal will add at least a further £1.3 billion in Funds under Influence to Ascot Lloyd. This will take the total to over £7bn of client funds within the firm who will now have more than 100 IFA advisers.

The Newell Palmer acquisition, with its significant presence in the West Midlands, will complement Ascot Lloyd’s existing footprint and add a further sizeable office in Wolverhampton alongside satellite offices in Nuneaton and Bromsgrove. As a financial services business synonymous with client excellence within the region, initially Newell Palmer will retain their brand before rebranding to Ascot Lloyd in the second half of 2019.

Philip Stepp, Group Managing Director, Newell Palmer added:

“This is great news for Newell Palmer and our clients. We have known Ascot Lloyd’s management for well over 18 months and I strongly believe that their commitment to IFA and brand strength make it a perfect home for us. We will look to continue our track-record of growth and client excellence. It is both the right platform and an excellent cultural fit for Newell Palmer and we look forward to working closely with Nigel and the team as part of the Ascot Lloyd group.”  

Nigel Stockton, CEO of Ascot Lloyd, commented:

“This is an important acquisition for Ascot Lloyd, adding an outstanding business of significant scale to the Group. The deal also showcases the strength of Ascot Lloyd as one of the few IFA companies with proven capability in purchasing and integrating a business of Newell Palmer’s size. This is the third year running, following EFG, Pantheon and the Bellpenny merger, in which we have completed a major acquisition and this will continue to be part of our strategy.

“Newell Palmer’s regional presence, combined with our existing offices, will make us a powerful player in the West Midlands. Having spent a significant part of my career managing businesses based here, I am delighted that we have built such a deep offering in the region.

“Crucially, this is part of our clear strategy to expand our regional footprint and client base and will see us grow to well over 100 advisers and 400 employees. In addition, the acquisition means we anticipate revenues of over £50m for 2019 as well as double digit EBITDA. I am pleased that we finish 2018 with such momentum, and we look forward to next year with great confidence and excitement.”