Harwood Wealth Management, a UK-based discretionary wealth management business, has purchased the assets of retirement solutions firm Plan65.

Plan65 is based in Berkshire and manages £42m in assets. The company is owned by founders Keith Turner and Doug Rae, both of whom will retire upon deal completion.

Harwood will pay £1.56m for the deal, making the initial cash consideration of £810,068 from its existing cash resources.

It will make a deferred consideration of £747,296 in two instalments over the next 24 months based on the performance of the acquired assets.

The acquired entity will be eventually integrated into Harwood subsidiary Compass Wealth Management Consultants.

Harwood non-executive chairman Peter Mann said: “In line with our strategy to acquire IFA firms which share our values and culture, we are very pleased to have completed the asset acquisition from P65. Since its inception in 2011, Keith and Doug have built a successful business and we wish them well for their future.

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“We look forward to continuing to provide P65’s clients with continued expert advice and exceptional service.”