Financial planning and wealth management firm Suttons Independent Financial Advisers (IFA) has acquired Bolton-based firm Whitewell Financial Planning for an undisclosed sum.

Whitewell, which was founded in 2008 by Phil O’Connor and has almost £40m of client assets under management, provides financial planning, investment and retirement planning advice to individuals, business owners and directors.

Following the transaction, O’Connor will continue to work with Suttons and be the primary point of contact for his clients.

Greater Manchester-based Suttons, which was founded in 2006 by Harvey Sutton, has 20 staff and £240m of client assets under management.

It provides wealth management, tax, pensions, and retirement planning advice to a client base including professionals, business owners, and entrepreneurs.

The purchase of Whitewell is Suttons’ third acquisition, and its managing director, Ben Preston, said the firm would continue to seek suitable acquisitions to drive its growth plans.

Suttons was advised on the deal by law firm Bermans, while law firm Schofield Sweeney advised Whitewell on the sale, and the deal was brokered by Brian Hill of Pathfinders.

Commenting on the acquisition, O’Connor said: “There was interest from a number of parties, but I felt Suttons was the right fit for the business. Suttons is a well-established chartered firm with a strong local reputation and a commitment to personal advice. We share the values that matter to me, of honesty, independence and putting clients first.

“I will be working alongside their advisers going forward and will continue to be my clients’ adviser and main point of contact. Suttons will handle the administration and support behind the scenes. For customers of Whitewell, all of their plans and arrangements will continue uninterrupted.”

Preston added: “Phil has built a business that genuinely puts his clients first and we’re delighted to welcome them to Suttons. Whitewell is a great fit for us, as we share the same commitment to delivering a first-class financial advice and wealth management service that makes a meaningful difference to the lives of our customers.

“By merging our firms, we’re able to offer Whitewell’s clients a broader range of services and expertise, the support of our larger team and ultramodern digital infrastructure that underpins our firm.

“We are pleased that Phil will be working closely with us on an ongoing basis to ensure a smooth and seamless transition for every client, and we look forward to working with them for many years to come.

“We continue to seek opportunities to make further acquisitions of quality owner-managed businesses which are a good fit, while at the same time we are growing strongly organically by gaining new clients, many of whom come to us on the recommendation of our existing customer base.”

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