Press Releases

Money Marketing
January 22, 2004
Inter-Alliance in merger talks with BBB

Aim-listed national IFA's Berkeley Berry Birch and Inter-Alliance are in merger talks with a vision of creating an IFA worth £1bn within five years. The plan would see two of the industry's biggest personalities join forces on the same board, with Inter-Alliance chief executive Keith Carby expected to take the role of chairman and BBB chairman Cliff Lockyer becoming chief executive.

The new enlarged business is likely to trade under the Berkeley Berry Birch brand, with cost savings and improved bargaining power expected from economies of scale.

Lockyer told Inter-Alliance advisers at the firm's conference in Wales this week that his vision of a firm valued at £1bn with an annual turnover of £550m could be achieved within five years. The two companies' combined turnover is currently £130m.

Both parties are now involved in due diligence, with a decision on a merger expected in March, pending Takeover Panel approval. Combining the two loss-making firms would create a combined network and IFA organisation with over 2,000 advisers.