Two Midlands financial advice companies have joined forces to take advantage of significant changes in the personal finance industry.
Sutton Coldfield-based Squirrel Financial Management and Hovers Swarbrick,of Lichfield, Staffordshire have merged in a deal that will create new jobs and increase stability for the existing workforce.
Jonathan Hovers, director of Hovers Swarbrick, says: "Any changes will be relatively seamless as far as our clients are concerned. We will continue to operate from our office in Lichfield with the same support staff, however, backed up by the greater infrastructure provided by the Squirrel Group. Joining forces with the Squirrel Group will bring significant advantages to both companies and, more importantly, our clients.
"We have taken this decision against the background of a huge upheaval within the financial services industry that has reduced the numbers of IFA firms and insurance companies alike.
"The trend is very much towards strength and security in numbers, so for Hovers Swarbrick the merger with a larger firm represents a logical step forward. Squirrel is an established local firm whose greater size will enable clients of Hovers Swarbrick to take advantage of our existing services and gain access to a wider range of services."
Ian Bascombe, director of Squirrel Financial Management, says: "Our company has expanded substantially since it was formed and we have recently added SQ2 Mortgage Packaging to the group as we develop and grow. We currently have 40 staff within the group and with our direct FSA authorisation, we are well placed to continue our growth and development in 2004 and beyond.
"The merger of these two companies means that the Squirrel Group, incorporating Hovers Swarbrick, will become one of the largest financial advisory groups in the Midlands.”