Cumbrian financial adviser part of double acquisition deal

A Cumbrian financial services firm has been acquired, for an undisclosed sum.

Kendal-based Financial Management Bureau (FMB) is a second generation family business with eight advisors, and more than £250m of assets under administration (AUA).

It is now part of Tunbridge Wells financial planning and wealth management group, Finitor Wealth, which was founded in 2018 and now has AUA of more than £1.1bn following the acquisition.

Finitor also acquired Leamington Spa-based Ascent Financial Consulting, which has £190m of AUA, as part of the same deal which was supported by alternative funder Thincats and private equity firm Rockpool Investments and brokered by Gunner & Co.

Both businesses will maintain a high degree of autonomy and will continue to drive their businesses forward, with support and expertise from Finitor.

Finitor is led by founders Paul Stokes (CEO) and Richard Rhodes (CFO), and supported by an experienced senior management team and chairman Kevin Ronaldson.

Paul Stokes said: “This investment has allowed us to grow through the exciting addition of two high quality firms, Ascent Financial Consulting and FMB. We look forward to working with the teams at FMB & Ascent as they continue on their respective journeys.”

Corporate Finance advice was provided to FMB by Max Perry, and tax advice by Sarah Haley, from Manchester firm Hurst Accountants.