The Southport-based business, led by CEO Ian Hemingway, has delivered strong organic growth to £1.2bn of Assets Under Management, since Mobeus backed the team in June 2017. These deals add up to an additional £250m of client assets and continue Ludlow’s rapid progress towards its strategic goal of £2bn of AUM.
Ludlow has acquired the financial planning division of A Letton Percival & Co Limited, based in Liverpool. The principal consultant, Neil Leaver, will join Ludlow’s Liverpool office, with two office staff joining Ludlow’s head office in Southport.
It also completed the acquisition of another North West-based financial planning business, from retiring shareholders. Existing clients will be serviced by both Ludlow advisors and one joining as a result of the deal, from a new Ludlow office in Burnley.
Ludlow now operates out of seven offices in Southport, Blackburn, Preston, Burnley, Fylde, Liverpool and Edinburgh. With the ongoing support of Mobeus and acquisition debt facilities established with Santander Growth Capital in December 2018, more bolt-ons are planned over the next year.
Justin Maltz, Portfolio Partner at Mobeus, commented:
“We have really enjoyed working with Ian and his team at Ludlow, and we are already well advanced in delivering the ambitious goals we agreed two years ago at the time of our investment. These two acquisitions demonstrate both the market opportunity for further consolidation under larger, more professional wealth management groups and the significant potential and ambition for Ludlow in particular. We will be working hard to fulfil this.”
“Ludlow has a strong history of growth through acquisition, as well as high levels of new clients through personal recommendations. I am delighted to welcome two new sets of clients to Ludlow and look forward to working with our new colleagues to deliver on their personal and financial goals. Mobeus’s support has been key to delivering these deals, and we will be working together to further expand the group.”Ian Hemingway, Ludlow CEO