Bath’s leading financial services firm Fidelius has merged with Money Wise for an undisclosed sum, with law firm Withy King and accountants Bishop Fleming advised Fidelius on all aspects of the deal.
The advice included the purchase of shares in Money Wise’s holding company, the tax structure of the deal and associated employment and property issues.
Jim Grant, CEO of Fidelius, said: “We looked at a number of firms with a similar geographical presence to ourselves and Money Wise was the obvious choice.
“Both our firms have very similar people, very similar cultures and very similar business models, so bringing the firms together makes complete sense for both parties and strengthens both our Bath and London operations in particular.”
Corporate legal advice was provided by Withy King’s Katharine Mortimer and James Worrall.
Katharine, partner and head of Withy King’s corporate team in Bath, said: “This was a complex and highly sensitive deal which included a pre-completion restructuring of the target company to demerge the Cambridge part of Money Wise’s business which will continue to be run by the company’s founder, Malcolm Coury.
“This acquisition will further strengthen Fidelius’ wealth management and employee benefits offerings and help to cement its position as one of the leading financial services firms in Bath and the South West.”
Paul Morris, a tax partner in Bishop Fleming’s Bath office, added: “We were pleased to be part of the local team advising Fidelius on this transaction. The acquisition provides an exciting opportunity for the combined Fidelius business in the Bath market place and beyond.”
Fidelius, which has a turnover of £6.8m and employs 65 people, will continue to operate Money Wise from Money Wise’s Queen Square office in Bath in the short-term.
Pre-completion, Money Wise’s business had a turnover of £3.9m and a staff of 33. Money Wise directors Richard Armstrong and Duncan McKillop will remain in the Money Wise business with a remit to drive further growth.
Fidelius, which has its headquarters in James Street West, Bath, also has offices in Cheltenham and London.
