Skerritts strengthens Northern presence with acquisition of Ellis Bates

Skerritts, the UK Independent Financial Advisory and wealth management business backed by Sovereign Capital Partners, has acquired Ellis Bates Financial Advisers, a Harrogate-based firm. The transaction will complete on the 30 September 2024.

This acquisition significantly strengthens Skerritts’ presence in the North of England and follows its purchase of Chester-based Chadwick McLean in December 2023. The addition of Ellis Bates brings over 3,500 clients and more than £1 billion in assets under management, raising Skerritts Group's total AUM to £3.5 billion.

Since Sovereign’s investment in 2021, Skerritts has made 14 acquisitions, including the recent purchases of Black Swan Financial Planning and KMG in July 2024.

Alex Hay, Partner, Sovereign Capital Partners, said: "We are delighted to support Skerritts in their continued growth and success. The acquisition of Ellis Bates is a significant milestone, further solidifying their presence in the North of England. Skerritts’ strategic expansion demonstrates their commitment to delivering high-quality financial advice and wealth management services across the UK. We are proud to be part of their journey and look forward to seeing their continued success in the future."

Paul Feeney, CEO, Skerritts, said: "I am delighted to welcome the great team at Ellis Bates to the Skerritts Group. This acquisition continues our mission of becoming Britain’s Premier Chartered Financial Planner. Ellis Bates will bring a strong Northern base to the Skerritts Group, with a highly experienced and talented team, and we are incredibly excited to be working together."

Michael Cope, Managing Director, Ellis Bates, said: "We have known the Sovereign and Skerritts teams for some time now and have been impressed with the robust expansion they have achieved through their Buy & Build strategy. With a 40-year history behind us we are incredibly proud of the business we’ve built but equally ambitious to keep growing and ensure a successful future for our clients and our team."

About Sovereign Capital Partners

Sovereign is a specialist investor focused on partnering with talented management teams and high-quality businesses, in specific service-based sectors, to deliver accelerated growth both in the UK and internationally. We do this through our proven strategy of Buy & Build. Whether through organic growth, acquisition or a combination of both, we provide strategic investment and look for innovative ways to create not just value, but businesses we are truly proud of. Sovereign Capital Partners LLP is authorised and regulated by the Financial Conduct Authority.

About Skerritts

We are award-winning Independent Financial Advisers and Wealth Managers focused on providing lifelong advice to aid the realisation of our clients’ long-term financial objectives. We have been assisting families, directors, businesses, charities and trustees for over 30 years and are one of a select number of firms to hold Chartered Financial Planning and Discretionary Investment Manager status.

About Ellis Bates

We put you, and what you want your money to achieve, at the very heart of everything we do. Ellis Bates Financial Advisers are here to enhance people’s lives by delivering peace of mind, enabling financial freedom and helping clients achieve their individual, family and business financial goals. With over 40 years’ experience, we look after over £1 billion of clients’ investments, pensions and savings, and our mission is to be the UK’s most trusted provider of lifelong financial advice.