The deal is the first acquisition for Westerby, which was established in 1996.

The Leicester-based SIPP administrator said the deal will result in a significant increase to its assets under management.

Westerby Trustee Services is part of the Westerby Group.

The Westerby Group’s total assets under trusteeship, administration and advice are now over £1.5bn with circa 5,000 clients.

The group includes wealth adviser Westerby Investment Management, which is based in Leicester city centre. It offers specialist financial, taxation and independent investment advice to individual clients and businesses, in the UK and internationally.

Under the deal Westerby will retain CPPL’s Weymouth office and staff.

Steve Harvey, group managing director at Westerby said CPPL has “great synergy” with the firm as both specialise in the administration of SIPP and SSAS schemes.

Les McLintic, group chairman at Westerby, said: “As a company, Westerby has been growing organically for over 30 years. This acquisition will not only enhance our growth strategy, but it will also contribute to our long-term future strength in the industry.”