Accountants Take over Financial Services Firm

The Journal (Newcastle, England), October 15, 2003 | Go to article overview

Accountants Take over Financial Services Firm


Byline: By Guy Anderson

An insurance and financial services company which has been trading in Newcastle for more than 25 years has been taken over by a firm of accountants.

RMT Financial Management has acquired the Jesmond-based Medical Insurance Bureau after chairman David Innes announced plans to retire this week.

The five-figure deal will see the Portland Terrace accountants absorb the MIB mortgage, financial advice and pensions division.

Mr Innes has been recruited by RMT to act as a financial consultant over the coming year to ensure a smooth transition.He will continue to be based at the Jesmond offices of MIB. The deal was secured when Mr Innes approached the group of accountants - who have previously acted for his firm - to discuss his impending retirement.

RMT offered to buy MIB to strengthen their financial management division.

Mr Innes said: "I must admit that I was a bit surprised at first but when we began to talk in detail it seemed a very sensible opportunity.

"I was looking to free up time and capitalise on the business I had built up and RMT Financial Management was rapidly developing its fund management operations.

"Having worked with them for so many years I knew they were people I could trust, which was important because I wanted to leave my clients - many of whom had become friends - in good hands. …

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