By Scott Wright
AAB Wealth, the independent chartered financial planning firm, has started the year with an acquisition in the north-east of Scotland.
The firm, part of the AAB Group, has taken over Aberdeen-based Kilkee Financial Services, which was established in 2002 by Geoffrey Purcell and has more than 100 clients in the Granite City.
The deal will give the enlarged business a team of 25 people, combined revenue of around £4.5 million, and assets under advice of about £550m.
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The acquisition, which was sealed for an undisclosed sum, will pave the way for Mr Purcell to retire, though he will remain with the business during a handover period. The full Kilkee team will join AAB Wealth and will be based at the AAB Group office at Prime Four Business Park in Kingswells, Aberdeen.
Mr Purcell said: “We have really enjoyed getting to know the AAB Wealth team over the last year and think we have found a great home for our team and clients.
“I feel very proud to have sold my business to an Aberdeen-based company with the calibre and reputation of AAB Wealth. The continuing wellbeing of both my clients and staff has been paramount as I considered my retirement plans.
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“Knowing that my clients’ financial planning, and their investments, will be responsibly looked after into the future gives me great reassurance and peace of mind.”
Andrew Dines, head of AAB Wealth, said: “We are delighted to welcome the Kilkee team to AAB Wealth. The transition for Kilkee clients will be seamless as both of our firms offer an exceptional level of service from trusted advisers.
“Our diverse, rules-based approach to investing is the platform to provide a tailored financial plan to support their personal aims and ambitions, supporting our clients navigate the challenges we are all facing in these uncertain times.”
The Kilkee deal comes shortly after AAB Group acquired May Figures, an English professional services firm, in October.
The deal, which expanded the AAB’s research and development tax credit services across the UK and Ireland, was the latest in a series of acquisitions and mergers that has helped fuel rapid growth at the group. At that stage AAB employed more than 650 people across 10 locations.
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