Newcastle Financial Advisers, part of Newcastle Building Society, has acquired County Durham-based Financial Planning firm Orchard Financial Management.

Orchard was founded by Graeme Leigh in 1988 and specialises in investment and pensions advice as well as protection.

Mr Leigh decided to sell the business due to a desire to retire.

The price paid for the deal has not been disclosed.

Newcastle Financial Advisers is a subsidiary of Newcastle Building Society and is also an Openwork appointed representative.

The building society introduces customers to Newcastle Financial Advisers which provides advice on investments, retirement, inheritance tax planning and protection advice across the North East, Cumbria and North Yorkshire.

Graeme Leigh, founder of Orchard Financial Management, said that Newcastle Financial Advisers’ high street presence was an attractive factor when considering potential buyers.

He said: “The top priority for Orchard Financial Management was to find the right and trusted home for our clients. Newcastle Financial Advisers has a fantastic reputation and we’re impressed by its strong high street presence both in County Durham and throughout the North East, North Yorkshire and Cumbria, which will help to ensure a smooth transition and integration of our local client base.”

Clients of Orchard Financial Management will be able to access their new local advisers either face-to-face in Newcastle Building Society’s branches, or remotely via video call.

Iain Lightfoot, managing director of Newcastle Financial Advisers, said: “We’re pleased to be able to welcome Orchard Financial Management’s customers to Newcastle Financial Advisers Limited. Graeme’s focus on fostering long-term relationships based on a foundation of trust is one that very much aligns with our own purpose, and the acquisition of his business therefore feels like an organic fit for Newcastle Financial Advisers.”

Newcastle Financial Advisers is an appointed representative of The Openwork Partnership and a subsidiary of Newcastle Building Society. The mutual network has 32 branches across the UK and provides financial advice at all branch locations.