Intrinsic set to acquire Lighthouse in £46m deal

Quilter announced this morning that it has put in a 'firm offer' for the business, which has been backed by Lighthouse's executive and three top shareholders.

The Intrinsic network has over 3,500 financial advisers and the purchase of Lighthouse will add a further 400 advisers to this figure.

Subject to conditions and approvals the acquisition is expected to complete during the second quarter of 2019.

Paul Feeney, chief executive officer at Quilter, commented: “At Quilter, our focus is on delivering good client outcomes and that always starts with advice. We are delighted to have agreed a recommended cash offer for Lighthouse and look forward to their advisers joining the Quilter family. As the advice market consolidates the strategic acquisition of Lighthouse will help secure Quilter’s position as the place to go for trusted financial advice in the UK.”

Andy Thompson, CEO of Intrinsic, said: "Intrinsic and Lighthouse are highly compatible businesses with similar experiences, complementary structures and focus on delivering good customer outcomes. The acquisition presents an opportunity to combine the expertise and capabilities of both businesses to accelerate our ability to provide customers with quality controlled financial advice. I look forward to working with Lighthouse's staff and advisers."

Malcolm Streatfield, CEO of Lighthouse, added: “Lighthouse has a rich history, having been on AIM since 2000 and moving from its pre-RDR network roots to its position today as an affinity and professional relationship led, multi-channel financial advisory business. We are proud of all Lighthouse has achieved and are excited to continue our journey with Quilter.

“Quilter is a mature and profitable group with considerable scale and demonstrably values face to face advice and appropriate customer outcomes, making it a great home for Lighthouse’s staff, advisers and clients.”