UK-based consolidator Independent Wealth Planners (IWP) continues its acquisition spree with the purchase of Professional Wealth Management (PWM).

The financial details of the deal were not disclosed.

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Based in Newcastle, PWM offers financial advice, management and planning services to individual and businesses. The company manages around £150m in client assets.

The PWM team, which comprises eight members including financial planners and administrative staff, will continue to remain located in Newcastle.

IWP CEO David Inglesfield said: “Stephen and the team have created an outstanding business in PWM and I am delighted to welcome them as the backbone of our new Newcastle hub.

“This acquisition marks another step towards our goal of creating Britain’s best independent wealth planning business by combining the local expertise of our excellent IFA firms with IWP’s national resources and infrastructure support.”

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PWM director and chartered financial planner Stephen Dickinson said: “Our ethos at PWM is to build lasting relationships with clients to help them achieve their financial goals and objectives.

“By partnering with IWP, we can ensure continuity of our existing high-quality service, while expanding our proposition to more local people as the new Newcastle hub, backed by the group’s strong central support.”

Notably, this is IWP’s first acquisition in the North East. The consolidator has acquired 23 firms since its formation two years ago.

In February, IWP acquired Edinburgh-based wealth management firm Sutherland Independent.