Acquisition-hungry Harwood Wealth plans AIM float
Harwood Wealth announced its intention to float on AIM on Friday, as it looked for funds to continue its acquisition frenzy.
The firm, which consists of an 80-strong financial adviser team, had seven investment profesionals managing more than £1.25bn in assets under influence.
Harwood's revenues for the year to 31 October 2015 were reported to be £7.9m.
It had recently been on a shopping spree, acquiring 37 firms to the end of October. Most recently, it added Meon Valley Financial Planning on 1 February.
N+1 Singer had been appointed sole broker and nominated adviser to the listing, in which Harwood hoped to raise £13.5m. £10m of that would be new equity capital.
It was understood the proceeds would be used for further acquisitions, and to cover infrastructure costs.
"Following the retail distribution review, the industry is undergoing significant structiral change," joint chief executive Alan Durrant said.
He said many financial advisory firms had strong client books but unworkable, fragmented models, rising regulatory costs and a need to outsource certain functions or be acquired.
"All these factors create a significant opportunity for Harwood Wealth's acquisitive growth strategy and the vertically integrated model," he explained.