National advice firm LEBC has acquired Bristol IFA Aspira Corporate Solutions in a deal valued at £5m in cash and shares.
Aspira has nearly £0.5bn in assets under advice, 50 staff and more than 11,000 clients.
Aspira chief executive Derek Miles will join the LEBC senior management team.
LEBC says the acquisition will “increase turnover significantly”.
LEBC chief executive Jack McVitie says: “We have known and admired Aspira for many years and this is a significant acquisition for LEBC as it strengthens us further through additional experienced personnel and geographic coverage. Aspira is a very good strategic fit and conducts its client relationships with the same integrity and commitment that we demand.”
Miles adds: “As a business that has always focused on our clients and staff, finding a like-minded business is never easy, but in LEBC we have found the perfect partner. I am very much looking forward to bringing the two businesses together and to joining the senior management team at LEBC.”
In August, LEBC announced it was going directly authorised, having previously been an appointed representative of Tenet. The firm was previously part of network Tenet Connect but continues to work with the business through its directly authorised arm, Tenet Select.
In November, LEBC launched an academy for graduates that will be based in Hull and Reading.