Brooks Macdonald is now the owner of a wealth planning firm based in Manchester that serves sports stars.

October 08, 2024 09:56 PM AEDT | By Team Kalkine Media

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Brooks Macdonald is now the owner of a wealth planning firm based in Manchester that serves sports stars. — Image source: Shutterstock

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Highlights:

Brooks Macdonald Group plc acquires Manchester-based wealth management firm LIFT-Financial for an initial £30 million, potentially rising to £45 million.
LIFT-Financial manages £1.6 billion in assets under advice, with a client base of 1,400, including private individuals and professional sportspeople.
The acquisition is projected to enhance underlying earnings per share in the first full year of ownership.

Brooks Macdonald Group plc ({LSE:BRK} has expanded its financial planning division through the acquisition of LIFT-Financial, a wealth management firm based in Manchester. The initial consideration for this acquisition is set at £30 million, with the potential for the total to rise to £45 million based on performance metrics.

LIFT-Financial operates not only from its Manchester headquarters but also maintains offices in London and Edinburgh. As of the end of 2023, the firm reported assets under advice (AuA) amounting to £1.6 billion, with £600 million actively managed. The firm serves a diverse clientele of 1,400, which includes private individuals and specializes in providing financial services to professional sportspeople.

In its financial performance for 2023, LIFT-Financial generated revenues of £11.3 million, with underlying profits (EBITDA) reaching £2.5 million and pre-tax profits of £0.5 million. These figures highlight the firm’s solid operational foundation and potential for growth within Brooks Macdonald's portfolio.

Andrea Montague, CEO and CFO of Brooks Macdonald, expressed enthusiasm about the acquisition, describing LIFT as a high-quality, well-established financial services business with a proven track record of profitable growth. This acquisition aligns with Brooks Macdonald's strategic objectives to enhance its service offerings and market presence within the wealth management sector.

Following the announcement, shares in Brooks Macdonald remained stable at 1,860 pence. The acquisition is anticipated to be accretive to the underlying earnings per share in the first full year of ownership, reflecting the firm’s commitment to driving shareholder value and expanding its capabilities in the competitive financial planning landscape.

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