Rathbone Brothers buys remaining stake in the Vision Group

Rathbones, which purchased a 19.9% stake in the Vision Group for £2m in October 2012, said the acquisition of the remaining stake is part of its strategy of broadening its distribution and accessing a greater share of new business intermediated by financial advisers.

The company said consideration for the acquisition will comprise a payment of £5m plus the net asset value of the acquired businesses on completion, and further payments between completion and early 2020 of up to £13m.

Rathbones said these further payments are dependent on the Vision Group meeting growth and operational targets and will be recorded as non-underlying expenses over that period. The net asset value will be paid in cash. All other consideration payments will be made 80% in cash and 20% in new Rathbones shares.

Chief executive Philip Howell said: "Our decision to acquire the Vision Group is a reflection of its proven ability to grow and the strong relationship we have built up in the last five years. We very much look forward to sharing in its continued success."