Absolute Financial Group has announced that St George’s Financial Services has become the latest independent financial adviser (IFA) firm to join the group.

In a first “Partnership Program” acquisition deal for Absolute, the IFA consolidator has made an initial investment in St George’s and agreed a buyout plan to purchase the remaining share capital in the future.

The investment, for an undisclosed value, will enable the business to continue building the partnership between the two firms, supported by Absolute and its central team. At the end of the partnership, Absolute will purchase the remaining share capital to provide a long-term exit for St George’s.

Absolute said its Partnership Program deal structure is one of the routes for IFA firms to join the group as it builds its business with a longer transition process, along with its traditional acquisition route.

Under the terms of the latest agreement, St George’s offices in Hampshire and its employees will continue under their existing brand, with support provided by Absolute.

The deal for St George’s follows three other acquisitions that Absolute has already made in April, as the IFA consolidator indicated there would also be more expected over the coming weeks.

CEO of Absolute Financial Group, David Carter, commented: “We’re excited that St George’s Financial Services is joining Absolute, in our first Partnership Program acquisition. This structure allows us to build a long-term partnership with a high-quality, culturally aligned firm, while providing a long-term exit route. We think this is an exciting offering for firms who aren’t quite ready to sell but are looking for greater support and a longer transition to exit.

“It continues a busy period of expansion, and we look forward to further strengthening our presence across England in the weeks ahead as we continue our drive to become a leading force in UK retail financial advice.”

Director and co-owner of St George’s, Chris Brooks, added: “Joining Absolute Financial Group marks an exciting new chapter for St George’s. It gives us greater scale and support based on shared values of what matters most – our advisers and clients. The deal structure allows us to continue to grow and benefit from this growth, as well as be part of Absolute’s business.”

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