Since NP was founded in 1993, the Wolverhampton-based business has taken over IFAs of varying sizes to fuel its growth plans.

The latest acquisition, for an undisclosed sum, comes during the same year the firm celebrates its 25th birthday.

Acumen senior partner Nick Cosby is retiring after 20 years of servicing his clients in Cheshire and surrounding areas.

This acquisition adds £35 million to Newell Palmer’s funds under management which now top £2 billion. Acumen’s 119 active clients will be serviced by the advisory team at Newell Palmer’s Wolverhampton office.

Newell Palmer has a longstanding relationship with professional brokerage firm Boston Bailey Group and this is the 17th acquisition that has been completed with their partnership, says NP.

Anne Clarke, divisional director with Boston Bailey Group, an M&A specialist, said: “Having worked closely with Newell Palmer over the past 4 years I am delighted that the acquisition of Acumen Partnership has completed thus marking our 17th deal since beginning our partnership, with more yet to come.”

Speaking after the completion of the deal, Newell Palmer finance director, Kevin Homfray, said: “We work especially hard to find IFA firms that suit our own business model so I’m delighted that we have hit acquisition number 50 in our celebratory 25th year.

“Nick’s firm aligns perfectly with the way we do things here at Newell Palmer and our Wolverhampton advisory team look forward to meeting and advising their new clients.”

Mr Cosby said: “As my retirement approached I knew that I had to look for a successor to take on the firm that I have spent a large part of my career building.

“With Newell Palmer’s size and extensive resources I am confident that my clients will be well looked after, and I would like to thank Kevin and his team for making this a smooth transition.”