Towry, a UK-based wealth advisory firm, has acquired 50.1% stake in Lighthouse’s Bristol-based subsidiary Deverill Black & Company for £501,000 in cash.

Lighthouse said Towry had made an approach for the independent advice firm and that the offer was accepted due to Deverill not being "strategic in nature".

In its 2012 accounts Deverill Black showed a pre-tax profit of £44,173 and net assets of £152,891.

Iain Black director Deverill Black said: "Following recent regulatory changes affecting the industry, we recognised that it would be in the best interests of our business and clients to find an extensive wealth management offering for the long-term future."

Towry head of wealth advice Andy Cowan said: "It is fantastic news to bring Iain Black and his team to Towry. We have a strong desire to bring outstanding professionals into our firm and we welcome the Deverill Black team and look forward to advising their clients on the full range of Towry products and services."

In a separate announcement, Lighthouse said group risk director and company secretary Mark Ross was leaving the business.

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