Tenet Group has today announced its completed practice buy out of Preston-based wealth management firm, Derbyshire Booth.
The firm will continue to trade under its current name as part of the deal, which places it as a subsidiary of Tenet’s advice company, Aspire Financial Management.
The deal is the 13th for Tenet under the practice buy out scheme which it adopted in January 2018.
The strategy behind the buy out model is to offer network member firms a simpler exit process for retirement.
The completed acquisition is set to bring a further £26m in assets under management to the wider Tenet Group.
Derbyshire Booth director Greg Heath will stay with his firm, which also shares premises in Preston with Tenet-owned Elementum.
Heath has a 16-year relationship with Tenet and says: “I’ve been impressed by their dedication to great service and innovation in the market, they were the natural choice for us.
“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.”
Tenet group operations director Helen Ball says the acquisition will also provide a welcome boost to the group’s North West Hub, which is also based in Preston.