The total cost of the deal is subject to certain revenue targets being achieved over a two-year period.

Formed in 1993 and based in Edgbaston, Birmingham, Jobson James Financial Services provides services such as group and corporate pensions, financial planning for directors, redundancy counseling and retirement advice.

Jobson James also provides tax services for clients including estate and inheritance tax planning.

Charles Stanley Group chairman Sir David Howard said the acquisition contributes to Charles Stanley’s strategic positioning of building a stronger presence in the Midlands.

"I look forward to Jobson James Financial Services Limited successfully integrating fully into the Charles Stanley Group and contributing positively from the outset," Howard said.

Jobson James Insurance Brokers, the sister company of Jobson James Financial Services Limited was not included in the acquisition and will now operate as an unconnected stand alone business.

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The move marks the first acquisition for Charles Stanley since its £8m purchase of Garrison Investment Analysis in June 2007.