Scots IFA leader Aitchison & Colegrave sold to Bradford & Bingley

Published on Monday 22 September 2003 01:00

AITCHISON & Colegrave, Scotland’s largest privately-owned firm of independent financial advisers, is being taken over by mortgage bank Bradford & Bingley for an undisclosed sum.

The firm, which was set up in 1983 and has branches in Edinburgh, Glasgow, Aberdeen and London, generated 4.1 million in turnover and had net assets of 2.5m in the year to the end of July 2002. Along with being the largest privately-owned IFA in Scotland, Aitchison & Colegrave is currently rated in the top 50 in the UK.

Bradford & Bingley is currently the UK’s largest IFA through its two brands, the MarketPlace and Charcol.

Today’s deal follows the acquisition in June of Holden Meehan, which has been integrated into B&B’s Charcol brand.

The firm employs 20 advisers across its four offices and will be renamed Charcol Aitchison & Colegrave following the deal, which is subject to regulatory approval.

Its current management team, led by managing director Brian Aitchison, will remain within the business to help develop the financial planning capabilities of Charcol, B&B’s mortgage broker.

Christopher Rodrigues, B&B’s chief executive, said: "This latest IFA acquisition brings further financial planning skills to our Charcol business and creates immediate scale in the Scottish market, complementing the presence of Charcol Holden Meehan in Bristol and London.

"This is another step towards achieving our ambition of making Charcol one of the country’s leading financial planning brands ahead of regulatory change."

Aitchison & Colegrave provides a range of investment, tax shelter and financial planning services for individuals, partnerships, and companies.

While its services are mainly geared towards private clients and small companies, it is also retained by a number of leading UK and multinational companies to provide a range of in-house services for directors, management and employees.