Moneygate acquires IFA for London expansion

National IFA Moneygate has acquired London-based adviser Equus Independent Financial Management for an undisclosed sum.

The two companies, who have been holding talks for eight months, are now working on a five-year joint business plan.

Moneygate chief executive Lee Hartley said the purchase was part of the company's bid to establish a foothold in London.

"We fully intend to support the growth of the company through investment, the extension of our technology and marketing platform and also by leveraging our process capability to ensure we enhance efficiency," he said.

The deal also sees Equus managing director Paul Fife take up a divisional director role within Moneygate with responsibility for the Greater London region.

Fife said the decision to sell the business had not been taken lightly.

"However, we have been planning this transaction for around a year and a half and we selected Moneygate from a range of potential suitors," he said.

"We are extremely happy to not only have the deal structure we wanted, but also to be working with like-minded people."

In February, Moneygate confirmed private equity business and Succession Advisory Services backer Committed Capital had acquired MGT Capital's 49% stake in the group.