Lighthouse buys financial adviser
12 April 2012
WEALTH management group Lighthouse will more than double its size by buying independent financial adviser BWA with 3.5m shares. The reverse takeover values BWA, which operates almost 200 IFAs from Exeter, Devon, at £2.1m.
London-based Lighthouse said the deal would give it a network of more than 330 advisers, wider geographical coverage and a strengthened management team. It will take on £343,500 of debt.
Lighthouse will raise £2.2m through a share placing to fund the deal and provide working capital.
