Accredited Financial Planning firm Baigrie Davies is to be bought by Standard Life's 1825 business.

One industry insider estimated that the deal might be worth £5m to £6m, although no fee has been disclosed.

This is the third acquisition within three weeks by Standard Life's Financial Planning arm. It follows the recent agreements to buy Almary Green in East Anglia and Munro Partnership in Scotland.

Baigrie Davies, which has assets under advice of around £400m, will form 1825's London regional office, with 30 employees, including 11 Financial Planners and 5 Paraplanners.

On completion of this acquisition and those of Almary Green and Munro Partnership, Standard Life said it would have 70 Financial Planners advising 9,400 clients on £3.0bn of their assets.

Founder Arthur Davies will remain with the business but his co-founder Tom Baigrie will leave to concentrate on his other business LifeSearch, a protection broker.

Ian Howe, Baigrie Davies' managing director, will continue to run the business and will be responsible for 1825's London office. He will also join the 1825 executive committee.

Mr Howe said: "Becoming part of 1825 is the natural next phase in the evolution of our business. We've taken Baigrie Davies to a point where we feel more resource is needed to continue to grow the business and provide the best possible proposition and service to our clients. Being able to tap into the scale and resources of 1825 is such a compelling opportunity for our team and our clients".

"Crucially, the 1825 client proposition maintains our total focus on Financial Planning and improving client outcomes with integrity and in a transparent manner."

Steve Murray, 1825 CEO, said: "Baigrie Davies is a high quality firm with a team of talented, professional and dedicated individuals. Being one of the early adopters of Standard Life's Wrap platform, we have a long-standing relationship with Baigrie Davies. As a CISI Accredited Financial Planning business, they are extremely well respected within the profession".

"Establishing a further presence in London is important to our ambition of building a Financial Planning business of significant scale so we're delighted to welcome the Baigrie Davies team to 1825".

The transaction is expected to complete in Q3 2016 subject to certain conditions being satisfied, including receipt of regulatory approvals.

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