A wealth management company has bought a London-based financial planning firm to strengthen its presence in the capital.
The Private Office has agreed to buy PQR Financial Planning in a cash and equity deal.
The enlarged business, which includes TPO’s sister company, cash-saving expert SavingsChampion.co.uk, will have a turnover of £8.5m.
According to the wealth manager there are plans to grow to a £50m business with 50 advisers within the next 10 years.
The deal is TPO’s first acquisition but chief executive Stuart Phillips said it is not part of a deliberate strategy.
He said: “Our plan is simply to be in the market and grow but we are open to discussions with independent firms if there is a good fit, professionally and culturally.
“We have already been approached by disillusioned formerly independent advisers who want to maintain their impartiality for clients and this will form part of our growth nationally.
“Recent activity in wealth management has focused on large restricted advisers buying independents to sell their own products to their clients but this acquisition challenges that trend and offers a strong, exciting alternative for clients and their advisers, who are seeking the very best in independent financial advice.
“Both TPO and PQR are true independents. We do not distribute our own financial, or investment, products and champion the scope and freedom of being able to deliver truly independent advice.”
TPO was founded in Leeds in 2008 and now has 56 staff in Yorkshire and ten in London, including 17 advisers. The firm has around £750m in funds under management.
Meanwhile PQR was founded in 2003 and has 23 staff with 11 advisers and about £250m in funds under management.
PQR Financial Planning managing director, Quentin Holland, who will continue as a partner, said: “During the next six months we will implement our clear plan for the integration of our businesses, and provide the best independent financial advice throughout the UK.”