Peterborough-based financial services company Elite Strategies plc has
launched an aggressive expansion drive with an acquisition that
quadruples the number of its professional advisers and creates an
enlarged group with seven offices.
Through its acquisition of Croesus
Financial Services Ltd, Elite now has 22 financial advisers with
offices in Peterborough, Bourn (Cambridge), Bedford, Kettering, Oundle,
Ramsey and Chelmsford.
Jonathan Fry, 39, previously chief
executive of Croesus, becomes chief executive of the enlarged group,
succeeding Elite founder David Slater, who remains a board director.
Elite’s non-executive chairman Sir
Brian Mawhinney MP said: “With the acquisition of Croesus we have
immediately grown our sales force fourfold. This represents the first
step in the implementation of our strategy for expansion and I am sure
that the enlarged group gives us a firm foundation on which to grow,
both organically and by further acquisitions.”
Jonathan Fry added: “Discussions are
already taking place with various leading financial product providers
interested in financing our acquisition strategy and a number of
carefully selected independent financial adviser firms are currently
Gloria Milne, chief executive of
Greater Peterborough Investment Agency, commented: “Elite’s
expansion strategy contributes to Peterborough’s reputation as a
dynamic business centre and I look forward to news of further
David Slater formed Elite Strategies
in 1994 following the sale of The Slater Group Plc, which he founded
in 1972. A trading subsidiary, ESP Investments and Pensions Ltd, was
formed in 1995 and the parent company was brought to the Alternative
Investment Market of the London Stock Exchange in May 2001.
Jonathan Fry, together with Paul
Kingston and Lee Newbold, formed Croesus Financial Services in March
2002. All three had previously worked together at IFG Financial
Services Ltd, one of the UK’s largest independent financial adviser
During his five years as managing
director at IFG Jonathan managed an expansion strategy that turned a
trading loss on a £1 million turnover into profits of over £4
million on turnover of more than £20 million.
The acquisition of Croesus means ESP
Investments and Pensions now has 22 independent advisers, eight of
whom are qualified to offer specialist pensions advice. It provides
financial services advice to both listed and privately owned companies
and their employees and to wealthy individuals.