The deal, for an undisclosed sum, is Wealth Matters’ fifth acquisition.

Wealth Matters, which has offices in Luton, Harpenden and London, said the deal was under way when the Coronavirus pandemic struck but both firms were keen to continue.

As part of the deal, Jim Poptani, owner of Poptani Financial Solutions which has £15m under management, will continue to offer protection advice and some other services, but will hand the management of clients to Wealth Matters.

Mr Poptani has negotiated the deal as he plans a retirement centred around his hobby as an amateur magician.

Mr Poptani said: “Finding the right buyer for my business was so important – it’s not just about the financials. The key to the right deal is knowing my clients will be well looked after, and I am confident Wealth Matters will exceed mine and my clients' expectations.” 

The deal was brokered by M&A consultant Gunner & Co which said it was the third deal it has brokered during lockdown with prices paid for firms similar to 2019.

Julian Gilbert, director at Wealth Matters, said: “Poptani Financial Solutions was a good match for us in terms of geography, clients and service offering, and we’re grateful to the team at Gunner & Co. for their management of the deal, especially in these challenging circumstances.”