Close Bros to buy Cavanagh for £26.2m

UK BANK Close Brothers has struck a deal to buy financial advisory firm Cavanagh for £26.2m.

Aim-listed Cavanagh has eight offices dotted across the country, which in total hold around 60 advisers. It has private client and corporate assets in excess of £2bn of which £1.5bn are estimated to be revenue generating.

The acquisition is the latest in a string of buys by Close as it looks to develop a competitive wealth and asset management business in the UK. It follows the acquisition of Chartwell Group, a Bristol based independent financial adviser, in September 2010, and Allenbridge Group in February 2011.

Close chief execuitve Preben Prebensen said: “This acquisition represents a further step in the execution of our strategy to build a high quality private client offering and to become a leader in UK wealth and asset management.”