Financial planner Tenet has acquired Derbyshire Booth, a wealth management firm headquartered in Preston.
Financial terms of the transaction were not revealed.
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By GlobalDataThe acquired entity will now become part of Tenet unit Aspire Financial Management.
However, it will retain its existing brand.
Derbyshire Booth director Greg Heath will remain with the business.
In Preston, the business will now share premises with Elementum that is part of Tenet.
Heath stated: “With the constant changing regulatory landscape in financial services and our wish to keep the high standard of service to our clients, the directors decided to seek a partner with additional resources.
“Having worked with Tenet for 16 years and being impressed by their dedication to great service and innovation in the market, they were the natural choice for us.”
The acquisition was carried out under Tenet’s practice buyout scheme and marks the thirteenth such deal for the group.
Under this scheme, network member firms of Tenet are offered an exit strategy for retirement.
Tenet group operations director Helen Ball said: “This acquisition offered a great opportunity to grow our hub in the North West by adding a quality adviser to our team as well as a further £26m of assets under management.”
