Member Article

Boldon financial services group makes rapid expansion

Boldon-based financial services outfit, Moneygate, has acquired three other UK firms, increasing turnover by £3.5m.

The firm is also launching a new investment management business called Marketstar, a platform for Moneygate’s national network of independent financial advisers.

Moneygate has acquired Somerset-based Watermark Financial Solutions; Scottish-based Spence & Spence and Surrey-based Group Rapport.

The move means Moneygate will gain offices in Edinburgh and Glasgow, and a presence in the corporate market in Surrey.

Chief executive Lee Hartley said: “These latest moves see us gain an increase in adviser numbers, but more importantly it widens our geographic footprint and brings some high-level expertise into the business within the right areas.

“Watermark, Spence & Spence and Group Rapport are all made up of experienced professionals with good track records and who understand what we are trying to achieve.

“We are aiming to continue to grow the business over the next 4 to 5 years against the backdrop of changing regulation. On top of that we are also moving into some exciting new areas that offer huge potential.”

The acquisitions will add a further £250m to the £2bn funds Moneygate manages on behalf of clients, from its bases in London, Edinburgh, Sheffield and Boldon.

This was posted in Bdaily's Members' News section by Tom Keighley .