Financial Advisors Retirement Deal

Josiah Hincks recently acted for Baker Richmond in the transfer of their business to Berkeley Burke (Holdings) Limited in anticipation of the retirement of two of their three partners. The deal means that Baker Richmond’s 3500 clients and their £70 million of “funds under influence” will now be managed by Berkeley Burke’s wealth management division.

Clive Baker said “there had been a couple of previous attempts to make such a move but we had found it difficult to take these forward due in the main to the current economic climate. Throughout the process, Andrew Eagle, partner at Josiah Hincks has been working closely with and advising us. His help and input was invaluable as he gave us not just legal but sound business advice that enabled us to bring this matter to a successful conclusion. We elected to sell the business to Berkeley Burke because their ethos is entirely in line with our own. It was also absolutely vital that we secured a deal that ensured continuity of quality service delivery to our clients”.

Andrew Eagle said, “It was a pleasure to work with the Baker Richmond partners and to be able to ensure that Clive and Rita could retire in the timeframe they wanted. There were some long hours towards the end but we managed to reach a fair and amicable deal for both sides and provide peace of mind for the staff who all transferred over under TUPE. What was important here was being able to get involved at an early stage and work with the clients to help them structure their exit route. This is something I would recommend to any client contemplating retirement or sale.”

For more information on how Josiah Hincks can help you or for an informal chat please contact Andrew Eagle or Neil Head who will be more than happy to help.