Leeds-based wealth management company the Private Office (TPO) has acquired a London financial planning firm.
The cash and equity deal for PQR Financial Planning will strengthen TPO’s London presence and create a platform for further growth, the firm said.
The combined business, which also includes TPO sister company SavingsChampion.co.uk, will have a turnover of £8.5m.
Within the next decade, it plans to grow revenues to more than £50m with 50 advisers.
TPO was founded in Leeds in 2008 and launched its London base in 2013.
The company, which has 56 staff in Yorkshire and 10 in London, acts for 900 individuals, businesses, charities and trusts and had around £750m in funds under management.
PQR was founded in 2003 and has 23 staff with 11 advisers, including four directors, with £250m in funds under management.
TPO chief executive Stuart Phillips said:
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.