Revealed: Beaufort has takeover offer withdrawn
By Katey Pigden 20
Consolidator Socium Group has withdrawn its offer to purchase national advice firm Beaufort Group,
Money Marketing can reveal.
In September 2020 Socium announced plans to develop a national business and grow to 300 advisers over the next five years.
Having secured £160m from private equity house Penta Capital, the firm led by former Openwork chief executive Mary-Anne McIntyre snapped up Beaufort to get the ball rolling.
But a letter sent to Beaufort shareholders, seen by
Money Marketing, shows the deal is now off the table.
Beaufort joint executive chairman Simon Goldthorpe informed shareholders that Socium had decided to withdraw its offer, citing an “inability” to get the business to fit into its “model”.
Rising inflation continues to erode gains on millions of people s savings accounts up and down the country, new findings reveal.
Fresh figures from the Office for National Statistics today showed that rising furniture and food prices pushed the Consumer Prices Index up to 0.7 per cent in January, up from 0.6 in the year to December.
This means CPI has crept up to the highest level in four months, but still remains below the Government s 2 per cent target. This is still a long way short of the 2 per cent target and hardly a cause for concern in the short term , Charles Hepworth, a director at GAM Investments, said.
Investment Week is hosting its Global Emerging Markets Briefing at a pivotal time for investors as they start to position for the recovery from the Covid-19 pandemic, although risks remain.
During this interactive briefing, we will hear from a number of global emerging market managers about their response to the extraordinary events of the past year and their outlook for the rest of the year and beyond.
The managers will identify where they are seeing the biggest opportunities and risks at the moment in emerging markets and explain the role their strategies could play in client portfolios.
Attendees will also get the chance to network with peers, quiz our speakers, as well as benefit from CPD points