National advice network Tenet Group has acquired a Preston-based advice firm, adding to its existing hub in the North West.
Colin Galbraith Independent Financial Services joins Derbyshire Booth, purchased in April, and Elementum Ltd, acquired in October last year- both also based in Preston.
Principal, Colin Galbraith, has been a Tenet network member since 1995. He is selling to Tenet as part of the succession plan for his business and his own retirement plan.
Tenet chief executive, Mark Scanlon, says: “This acquisition offered a great opportunity to further develop our North West hub, as well as aid the retirement of a long-serving Tenet member, giving Colin peace of mind regarding the continuity of advice standards for his clients.
“Our practice buyout scheme continues to attract a lot of interest and offers a range of deals for member firms, from smaller client bank acquisitions and share purchases, to larger company buyouts.”
Galbraith says: “Having been a Tenet member since 1995, I have seen first-hand the way the network has supported its members in adapting to the many changes in financial services since that time.
“It is with great confidence that I am passing on my clients and I am grateful for the ease of transition into retirement that Tenet’s practice buyout process has facilitated.”
The purchase is the 14th for Tenet under the practice buy out scheme which it adopted in January 2018.