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Leeds-based IFA acquires specialist medical advice firm
Group buys specialist financial advice firm as part of plan to extend medical and dental niche footprint.
UK Wealth Management, a Leeds-based independent advisory firm that is backed by private equity firm Duke Street Capital, has acquired financial advice company Independent Medical.
The purchase is part of the firm’s plan to grow its presence in the dental and medical support market.
Founded in 1990 by Ian Mellor, Independent Medical provides specialist financial advice to the medical and dental professions.
As part of the deal, Mr Mellor joined UK Wealth Management last month and is based at the York office.
Lynn Coleman, chief executive officer for UK Wealth Management, said: “We have bought Ian on board as a highly regarded practitioner in a specialist market.
“This acquisition is aligned with our expansion plans and increases our presence in an attractive sector.”
Duke Street acquired a majority interest in UK Wealth Management in March 2011 as part of a management buy-out of the firm.
At the time, Miles Cresswell-Turner, partner at the investment firm, said the acquisition would serve as a platform to take advantage of a consolidation in the “fragmented sector” that was being “driven by regulation”.
