A Surrey-based Financial Planning business belonging to a legal firm has been snapped up for around £675,000.
Bells Financial Planning, located in Farnham, has been acquired by European Wealth, from Bells Solicitors.

This will bring European Wealth's Financial Planning team to over 35 staff spread across its current five UK offices.

The Surrey Financial Planning team will immediately be re-branded under the European Wealth banner on completion of the first installment of the acquisition payment.

Bells Financial Planning, established in 1999 and expanded in 2012 through the acquisition of local IFA company Biggs Hart, primarily advises high net worth individuals and private clients in the Farnham area who may have financially benefited as a result of the legal firm's work.

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In the financial year to 31 August 2015, Bells Financial Planning clients accounted for approximately £43 million of funds under influence and generated approximately £185,000 of revenue, of which approximately 91% was recurring.

European Wealth will pay a maximum of £675,000 based on a mixture of cash, shares, with some of the money dependent on the first two years after the takeover.

John Morton, executive chairman of European Wealth, said: "This is an excellent example of the "win-win-win" philosophy on which European Wealth is based. “Not only are we able to provide a meaningful exit for the owners of the business for whom the Financial Planning aspect was non-core, but our systems mean the business can be easily integrated into our group thereby ensuring a near seamless transition for the underlying clients.

“We believe it will provide an excellent platform for further growth in the locality."

European Wealth delivers wealth management and Financial Planning services to its clients through its two main divisions, European Investment Management and European Financial Planning. The group currently has over £1.1 billion of funds under management.