UK-based financial advisory firm Ascot Lloyd has purchased two home-grown IFA firms: Prest Financial Planning and QS Financial.

Financial terms of the deals were not revealed.

Based in Stockport, Prest manages nearly £350m in assets. The firm has six financial planners along with 26 staff.

The deal adds more than £3m of revenues and over £1m in EBITDA to Ascot Lloyd. Prest will eventually operate under the Ascot Lloyd brand.

QS Financial adds more than £65m in funds under management to Ascot Lloyd’s books.

The acquisition of Bromsgrove-based QS Financial boosts Ascot Lloyd’s operations in the West Midlands region. Last year, Ascot Lloyd snapped up West Midlands-based Newell Palmer.

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Commenting on the acquisitions, Ascot Lloyd CEO Nigel Stockton said: “Prest and QS Financial are two more high-quality acquisitions for Ascot Lloyd, continuing our track record of identifying strong businesses that represent a good fit with our culture and commitment to client excellence.

“This also continues our strategy of growing our regional footprint; Prest helps us establish a good presence in the North West, an attractive area in which we want to grow the Ascot Lloyd brand. Equally, QS Financial builds on our strength in the West Midlands.”

Prest CEO Graham Prest added: “This is an exciting opportunity for Prest Financial Planning as we become part of one of the largest and most highly respected independent advisory firms in the UK.

“Ascot Lloyd has a vastly experienced management team with similar business ethics and culture to ourselves.”

Ascot Lloyd, set up in 2004, provides independent financial advice across the UK. The company is backed by private equity firm Oaktree.