7th January 2025
Azets Wealth Management, the advisory division of the international accountancy giant Azets, has announced its acquisition of Newcastle-based financial planning firm Laurus Associates for an undisclosed amount. This deal, expected to be finalised by the end of the month, represents a significant advancement in Azets’ strategy to grow within the UK wealth management sector.
Founded in 2002 by Karen Barwick and Colin Dawson, Laurus Associates has established a strong personal and corporate financial planning reputation. Their expertise covers investments, pensions, life assurance, trust planning, auto-enrolment, and pension property purchases. Barwick, Dawson, and their eight-person team will join Azets Wealth Management, ensuring that Laurus' clients continue to receive excellent service while gaining access to Azets' broader network and resources.
Mark Parkinson, CEO of Azets Wealth Management, praised the acquisition, stating, “Laurus Associates is a firm I have admired for many years. Their achievements over the past 23 years are remarkable, and this acquisition will significantly enhance our capabilities and client offerings.” Barwick added, “This new chapter allows us to provide an even broader range of services and specialised expertise to our clients.”
While Azets previously acquired Glasgow-based Milne Craig in August to enhance its accountancy services, the purchase of Laurus Associates marks its first acquisition focused solely on financial advice. This represents a strategic shift towards consolidating independent financial advice firms, positioning Azets Wealth Management to meet the growing demand for integrated financial services.
The acquisition aligns with Azets Holdings’ ambitious growth strategy, which aims to surpass £1bn in annual revenue by 2027. However, the group's financial statements for the year ending June 2023 indicate that it reported revenues of £250m and a pre-tax loss of £6m, primarily due to high debt levels incurred to support its acquisition strategy. Despite these challenges, Azets remains committed to establishing a substantial presence in the financial advice market.
Azets’ acquisition reflects a rising trend among professional services firms to integrate financial advisory services to provide clients with comprehensive solutions. With support from private equity backers HG Capital and PAI Partners, Azets Wealth Management is well-positioned to compete in an increasingly consolidating market where scale and resources are crucial to meeting rising client expectations.
This move also exemplifies the broader consolidation trend within the financial advice sector, as firms seek to combine expertise, improve operational efficiency, and broaden service offerings.
At Chapters Capital, we specialise in financial planning and wealth management M&A, supporting firms navigating similar transitions or growth opportunities. Whether you are considering a sale, merger, or expansion, contact one of our professional associates today for a confidential, no-obligation consultation to discuss how we can help you take your next steps.