Syndicate Asset Management has agreed upon the final terms to acquire Burfield & Partners Asset Management through its subsidiary, Rowan & Co Capital Management.
The consideration for the transaction comprises of GBP150,000 initial cash consideration paid upon completion and up to a further GBP275,000 to be paid by way of cash consideration in the three year period following completion.
In the year to December 31, 2007, Burfield made a profit before tax of GBP21,000 on turnover of GBP149,000. Funds under ongoing advice are approximately GBP13 million.
John Morton, group CEO of Syndicate Asset Management, said: Burfield is the second acquisition during the last quarter and demonstrates our continued commitment to developing the business through both acquisition and organic growth. The Burfield team will be integrated into the existing Rowan structure which will further strengthen the group’s presence in the south west.