UK-based accountancy firm Cowgill Holloway has purchased Yorkshire-based Jacobs Financial Group (JFGL) for more than £1m in a move to strengthen its wealth management practice.
Cowgill has acquired the business through its wealth management arm, Regency House Wealth Management. The deal has received approval from the UK regulator, the FCA.
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Jacobs manages in excess of £50m of client funds under advice.
The combined entity is expected to hold over £180m funds under advice with fee income in excess of £2m and targeted to grow to £300m.
Regency House director Chris Harrington said: "The acquisition is part of our strategy to expand and invest into our wealth management and employee benefits business, which continues to grow very successfully.
"The combined businesses will represent a significant force in financial services, business advisory and wealth management across the north of England. It will advise in excess of 500 active private clients and over 100 businesses."
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By GlobalDataPhil Jacobs, who co-owned JFGL with his wife, will remain as managing director.
Jacobs said: "I look forward to this next phase of our development and our team is excited to be joining forces with its counterpart at Cowgill Holloway.
"This deal enables me to enjoy a capital event now whilst remaining very active in the business. It secures the future of the business for its clients and key staff from our existing location."
