3 April 2019
Quilter and Lighthouse are pleased to announce that they have agreed the terms of a recommended cash offer to be made by Intrinsic for Lighthouse, an AIM listed directly authorised business.
Lighthouse, and Quilter’s advice business, Intrinsic, are highly complementary in structure and focus on delivering good customer outcomes.
Intrinsic expects the Lighthouse Group's Communities and Wealth advisory channels to join Intrinsic's current adviser network, one of the largest in the UK, supporting over 3,500 advisers.
Lighthouse’s national advisory channels, Lighthouse Financial Advice and Lighthouse Carrwood, display strong alignment with Intrinsic's national advice business and are expected to significantly contribute to the delivery of Quilter's vision to supply high quality controlled advice.
Subject to conditions and approvals the acquisition is expected to complete during the second quarter of 2019.
Paul Feeney, Chief Executive Officer at Quilter, comments:
“At Quilter, our focus is on delivering good client outcomes and that always starts with advice. We are delighted to have agreed a recommended cash offer for Lighthouse and look forward to their advisers joining the Quilter family. As the advice market consolidates the strategic acquisition of Lighthouse will help secure Quilter’s position as the place to go for trusted financial advice in the UK.”
Andy Thompson, CEO of Quilter’s advice business, Intrinsic, comments:
"Intrinsic and Lighthouse are highly compatible businesses with similar experiences, complementary structures and focus on delivering good customer outcomes. The acquisition presents an opportunity to combine the expertise and capabilities of both businesses to accelerate our ability to provide customers with quality controlled financial advice. I look forward to working with Lighthouse's staff and advisers."
Malcolm Streatfield, CEO of Lighthouse adds:
“Lighthouse has a rich history, having been on AIM since 2000 and moving from its pre-RDR network roots to its position today as an affinity and professional relationship led, multi-channel financial advisory business. We are proud of all Lighthouse has achieved and are excited to continue our journey with Quilter.
“Quilter is a mature and profitable group with considerable scale and demonstrably values face to face advice and appropriate customer outcomes, making it a great home for Lighthouse’s staff, advisers and clients.”