Wealth manager and Financial Planner Brooks Macdonald has acquired LIFT Financial Group Ltd and LIFT Invest for £45m.

The acquisition is subject to regulatory approval and is expected to complete by the end of March 2025.

Brooks Macdonald will pay an initial £30m on completion and a total consideration of up to £45m, subject to financial targets.

The company said the deal “aligns with the Group's strategy by expanding its client reach and accelerating growth in Financial Planning.”

Andrea Montague, CEO & CFO of Brooks Macdonald, said: "LIFT is a high-quality and well-established financial services business with a track record of profitable growth."

Michael Holden & Joel Adams, founders of LIFT, said: "We are tremendously proud of the business we have built over the last 17 years, and as part of Brooks Macdonald we will be able to bring a new level of sophistication to our investment proposition, as well as much better opportunities for our people as part of a larger business."

LIFT is headquartered in Greater Manchester, with offices in London and Edinburgh. As at 31 December 2023, assets under advice (AuA) were £1.6bn of which £600m were also funds under management (FuM).

LIFT has 1,400 clients made up of private individuals - predominantly in financial services and professional sports - families and corporate clients. In addition to wealth management, LIFT offers mortgage and insurance services.

LIFT’s revenue last year was £11.3m and profits £2.5m.

Brooks Macdonald Group was founded in 1991 and provides wealth management services in the UK. The group began trading on AIM in 2005 and had discretionary FUM of £18bn as of 30 June.

The business has been striving to recover after being hit by net outflows last year and cutting 10% of staff. Last Autumn Brooks Macdonald announced that it would reduce its headcount to cut costs annually by £4m. The firm axed around 55 jobs, about 10% of its workforce, as part of the cost-saving measures.

Brooks Macdonald said the cuts from its 512-strong workforce were designed to ensure it is, “set up for success, organised to deliver its strategy and drive growth.”

Last month it acquired acquired Norwich-based Lucas Fettes Financial Planning for an undisclosed amount.

Last month it sold its £2.3bn FUM international arm to wealth manager Canaccord Genuity Wealth (International) Holdings Limited for £50.85m.

The firm's results for the year ended June revealed a 7% rise in funds under management to £18bn and a 12.5% rise in pre-tax profit to £34.1m.