A Financial Planning firm has been taken over as part of plans to create a £50m business with 50 advisers within the next ten years.

PQR Financial Planning, based in London, has been acquired by Leeds-based wealth management company The Private Office.

According to TPO bosses, the moves bucks the trend for large restricted advisers buying independents to sell their own products to their clients.

The acquisition comprises a cash and equity deal, though no fee was disclosed.

The two London offices will trade as TPO and PQR, Part of the TPO Group, before consolidating into PQR’s existing offices in Victoria from January.

TPO chief executive Stuart Phillips said: “Recent activity in wealth management has focused on large restricted advisers buying independents to sell their own products to their clients but this acquisition challenges that trend.”

The enlarged business, which also includes TPO sister company, cash-saving expert, SavingsChampion.co.uk, will have a turnover of £8.5m with plans to grow to a £50m+ business with 50 advisers within the next ten years.

City-based PQR, which offers corporate and personal Financial Planning and employee benefits nationally, with a large focus on London and the South East, was founded in 2003 and has 23 staff with 11 advisers, including four directors, and about £250m in funds under management.

Mr Phillips said: “Both TPO and PQR are true independents. We do not distribute our own financial, or investment, products and champion the scope and freedom of being able to deliver truly independent advice. We can consider any investment house, planning strategy or pensions provider and select what we believe is best for our clients as part of a holistic approach as opposed to the straight-jacket of restricted firms.”

TPO was founded in Leeds in 2008 and launched its London base in 2013. The firm acts for more than 900 individuals, businesses, charities and trusts and now has 56 staff in Yorkshire and ten in London, including two joint chief executives and 17 advisers. The firm, which has two Society of Trust and Estate Practitioners (STEP) in London and one in Leeds, has around £750m in funds under management.

Mr Phillips said: “I have known key figures at PQR for sometime and the two businesses are a very good fit. We have long admired each other’s firms and have shared culture and values. PQR offers our clients, particularly in London and the South, more top-class advisers, and internally, a succession strategy, more career opportunities and the dynamics of being part of greater shared intellectual capital within a larger firm.”

The deal is TPO’s first acquisition but is not part of a deliberate strategy, Mr Phillips said.

He said: “Our plan is simply to be in the market and grow but we are open to discussions with independent firms if there is a good fit, professionally and culturally. We have already been approached by disillusioned formerly independent advisers who want to maintain their impartiality for clients and this will form part of our growth nationally.”

PQR Financial Planning managing director, Quentin Holland, who will continue as a partner, said: “During the next six months we will implement our clear plan for the integration of our businesses, and provide the best independent financial advice throughout the UK.”