Kendal-based financial planning firm Financial Management Bureau (FMB) has bought regional peer and wealth manager Robert Meacock and Company, reported FTAdviser.

Financial terms of the deal were not disclosed.

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The acquisition adds 50 clients to FMB.

Meacock, who plans to exit the company next year, will oversee the transition of client portfolios as the client director.

The clients will be migrated to FMB’s platform in phases.

The two companies will work together to offer financial planning and wealth management services to people in Cumbria.

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FMB director of business development Ruth Power said the firm is garnering ‘enough interest’ from other firms to fuel the next three or four years of business growth. 

The firm, which took bounce back loan during the pandemic to drive its acquisition strategy, in currently in talks for another takeover. Power did not name the firm.

He said: “We’re always looking to boost market share here and in North Lancashire.”

FMB was founded by Les Beavis in 1987. 

Meacock said: “I knew Les very well and I have been very impressed with the magnificent job Liz and Ruth have done of taking the business forward.

“It’s very important to me to find a firm I can partner with which will ultimately provide a quality and trustworthy long-term service for my clients when I do eventually retire.

“The family ethos of FMB makes me confident they will take as personal and careful an interest in looking after my clients as I have always done. I am already enjoying working with FMB and getting to know their friendly and extremely capable team.”