The firm will continue to trade under its own brand as a subsidiary of Tenet’s advice company Aspire Financial Management. 

Derbyshire Booth director Greg Heath will stay with the company to develop the business and shares the Preston premises with Elementum, an acquisition Tenet made in October.

Mr Heath has been a member of Tenet’s investment network, TenetConnect, since 2003 and the sale was made as part of his succession planning.  

The deal represents the 13th practice buyout by Tenet under a scheme launched in January 2018 to offer network member firms an exit strategy for retirement.

Tenet’s group operations director Helen Ball said: “I’m pleased to welcome Greg to the group. This acquisition offered a great opportunity to grow our hub in the North West by adding a quality adviser to our team as well as a further £26m of assets under management.”

Derbyshire Booth director Greg Heath added: “With the constant changing regulatory landscape in financial services and our wish to keep the high standard of service to our clients, the directors decided to seek a partner with additional resources. Having worked with Tenet for 16 years and being impressed by their dedication to great service and innovation in the market, they were the natural choice for us.”