Harwood Wealth, the expanding Financial Planning and discretionary wealth management group which has acquired a number of adviser firms, has begun trading on AIM today.

Trading in shares started today using the symbol HW. N+1 Singer is acting as nominated adviser and sole broker to the Company.

N+1 Singer has raised £13.5 million in an over-subscribed fundraising for the firm with £10m of this as new equity for the Company. The net proceeds will be used mainly to provide funds for further acquisitions together with modest associated infrastructure costs.

Shares had a placing price of 81p with 55m ordinary shares issues giving the firm an initial market capitalisation of £45m.

Neil Dunkley, founder and joint chief executive of Harwood Wealth, said: "The board is delighted to have successfully completed the IPO and raised funds to facilitate the next stage of the Company's development through further acquisitions.

“The UK wealth management industry is undergoing a number of changes that have made it very fragmented providing us with an attractive marketplace for consolidation. We look forward to providing our new shareholders with further updates as we achieve further growth."

Harwood Wealth business was founded in 2001 under the name Compass Wealth Management by Neil Dunkley and Mark Howard. Since formation, the company has grown primarily through acquisition and has completed over 40 business and share purchases. Most recently, the Group acquired Meon Valley Financial Planning Limited in February 2016 and, as of today, Wellian Investment Solutions Limited, an award winning investment management business.

The group focuses on the provision of financial advice to the mass affluent market (namely individuals with £200,000 to £500,000 of liquid financial assets or net assets, excluding main residence). It has more than 80 FCA-regulated financial advisers and seven investment professionals and AUI in excess of £1.25 billion.