Ascot Lloyd has acquired two financial planning firms in deals which will add a total of £415m in assets under management to the national IFA.
The advice business announced the purchase of Prest Financial Planning and QS Financial in a statement this morning (September 23) as it moves to strengthen its regional footprint, especially in the West Midlands.
The acquisition of Stockport-based Prest Financial Planning will see Ascot Lloyd gain six financial planners and a total of 26 employees and £350m in assets under management.
Prest, with more than £3m in revenues and £1m in earnings before interest, tax, depreciation and amortisation, will join the Ascot Lloyd brand once the deal is completed.
Bromsgrove-based QS Financial will add £65m in funds under management to Ascot Lloyd and bolsters the IFA's presence in the West Midlands following its acquisition of IFA Newell Palmer in December last year.
Nigel Stockton, chief executive of Ascot Lloyd, said: "Prest and QS Financial are two more high-quality acquisitions for Ascot Lloyd, continuing our track record of identifying strong businesses that represent a good fit with our culture and commitment to client excellence.
"This also continues our strategy of growing our regional footprint; Prest helps us establish a good presence in the north west, an attractive area in which we want to grow the Ascot Lloyd brand. Equally, QS Financial builds on our strength in the West Midlands."
Graham Prest, chief executive of Prest Financial Planning, said the deal was an "exciting opportunity" for his firm to become part of a "highly respected" independent advice firm in the UK.
Mr Prest said: "Ascot Lloyd has a vastly experienced management team with similar business ethics and culture to ourselves. Like us, they are strongly committed to building and maintaining long-term client relationships and they have developed leading client service and investment propositions.
"This is a great development for both our clients and the Prest team, and we look forward to them joining the Ascot Lloyd family."
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