Financial advisory group Foster Denovo has acquired East Midlands-based advisory firm 80Twenty.

The transaction marks Foster Denovo’s fifth acquisition in 12 months, becoming the firm’s 13th office in the UK and its first in the East Midlands.

Foster Denovo said the expansion demonstrated its commitment to providing high-quality advice across the UK.

The deal will see four advisers, Neil Welbury, Jackie Worby, David Catterall, and Stuart Annable, as well as six support staff, join the Foster Denovo team.

Commenting on the acquisition, Foster Denovo chief executive, Roger Brosch, said: “We’re delighted to welcome Neil, Jackie, David and their fabulous team to Foster Denovo. As we’ve got to know each other throughout this transaction, it’s clear we share an excitement for what a combined future holds.

“Cultural and propositional fit is critical for us, and we know the 80Twenty team shares our values and sees the world as we do. We look forward to prospering together as we grow.”

80Twenty executive director, Neil Welbury, added: “80Twenty advises high net worth, financially astute individuals, so any chosen partner had to be able to add value to that dynamic.

“We are also retained by a number of large corporate clients, and so understanding how that advice process works was also key.

“Foster Denovo have built a reputation in both marketplaces, and so we see them as a natural home for our clients. Also, with the added support and additional services available at Foster Denovo, this will only serve to enhance our proposition further.”

The transaction comes a month after Foster Denovo acquired Glasgow-based advice firm Rosemount Asset Management to establish an office in Scotland.

Previously, Foster Denovo doubled the size of its employee benefits division, buying Punter Southall’s corporate advisory arm, preceded by the acquisition of wealth managers Wade Financial in Newcastle and Creative Financial Solutions in Hampshire.

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