Harwood Wealth Management to buy Castleton Financial Planning for £1.6m

11th Feb 2019 15:19

(Sharecast News) - Financial planning and discretionary wealth management business, Harwood Wealth Management, has exchanged contracts to buy independent financial advisory firm Castleton Financial Planning for around £1.6m.The company said 50% of the consideration is payable on completion - expected to take place in April - with a further two instalments of 25% each due on the first and second anniversaries of completion, contingent upon results.Chairman Peter Mann said: "The acquisition of Castleton is our second this financial year, and in line with our strategy has a strong cultural fit to the group. It is very pleasing to have started 2019 with the purchase of two quality businesses, and we continue to see a healthy pipeline of opportunities available to us."Harwood said last month that it had exchanged contracts for the acquisition of independent financial advisers GD White for around £1.5m.At 1515 GMT, the shares were down 2.2% to 136p.