IFA network Tenet has acquired two of its member financial advisory firms in Mansfield to create a new hub in Nottinghamshire with £25m under management.

The Leeds-based firm has bought Ask Financial Management and Mansfield Financial Planning, both based in Mansfield, for undisclosed sums.

Tenet has already established a regional hub in Preston during 2018 and also has hubs in Northampton, Leeds, Edinburgh and Cardiff.

Ask directors Andrew Shewen and Keith Bonsall will stay with the company to continue developing develop the business.

Tenet says that Andre Camilleri, owner of Mansfield Financial Planning, has used Tenet’s practice buyout scheme to enable him to retire. Both companies are long-standing members of the Tenet network.

Tenet’s chief executive Mark Scanlon, said: “These two acquisitions offered a great opportunity to grow our network of advice across the country, adding two quality advisers to our team as well as a further £25m of assets under management.”