Consolidator Independent Wealth Planners UK (IWP) has continued its buying spree with the takeover of Stevenage-based Richmond House Wealth Management.

The acquired entity will serve as the consolidator’s regional hub in the Hertfordshire area.

IWP will use Richmond House’s wealth management offering as well as its investment management and corporate service offerings.

Richmond House will become IWP’s regional hub in the Hertfordshire area.

The acquired entity was founded in 1964 and rolled out a discretionary management service in 2006.

The firm’s employee strength is 35.

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By GlobalData

Richmond House CEO Paul Beasley said: “What attracted me to IWP was the ability to secure the future growth of Richmond House in a way that ensures continuity for our clients.

“I’m excited to be joining a national brand that will provide the infrastructure for us to continue to grow and provide clients with the excellent service they expect.”

This marks IWP’s ninth purchase and second in the south east of England this year. The deal value was not divulged.

The latest deal comes shortly after IWP’s purchase of Clairville York Financial Advisers, a Cheam, Greater London-based firm with £374m in assets under advice.

IWP CEO David Inglesfield said: “We’re thrilled that Richmond House is joining IWP.

“In doing so the team will be able to focus on exemplary client service as they also continue to grow the business.”

Other firms acquired by IWP this year include Prosper Wealth Management, and AGL Wealth Management that helped the consolidator establish its first Scottish presence.