Cardiff-based Financial Planning firm Penguin Wealth Planners has acquired the client book of Cowbridge-based Seren Financial Advisers after securing a £500,000 loan.
The firm said the move has strengthened its position in the Welsh financial advice market as part of a long-term buy-and-build strategy.
Penguin Wealth Planners was established in 2010 and employs 34 people to provide holistic Financial Planning, wealth management and investment advice to individuals and families across Wales.
It said it was the first Welsh firm to be approved by the Chartered Institute for Securities & Investment (CISI) as an Accredited Financial Planning Firm.
The firm has self-funded three acquisitions to date and the new loan was secured from SME finance specialist FW Capital through the British Business Bank’s Investment Fund for Wales.
Craig Palfrey, Certified Financial Planner at Penguin Wealth Planners, said: "This funding has allowed us to continue our wider growth strategy without slowing momentum, allowing us to complete this asset acquisition and have the capacity in place to consider further opportunities when they arise, strengthening our presence across Wales.”
Seren Financial Advisers has been authorised by the FCA since December 2013 and its team includes two financial advisers and one mortgage broker.
Rhodri Evans, fund manager at FW Capital, said: "Penguin Wealth has established a strong track record of growth underpinned by a highly experienced management team and a clear strategic vision.
"The business is operating in a market that is undergoing significant change, creating opportunities for well-run firms to expand. This investment will help Penguin Wealth build on its success to date, accelerate growth and continue providing high-quality financial advice services across Wales.”
The British Business Bank-backed Investment Fund for Wales launched in 2023. The fund includes a range of finance options with loans from £25,000 to £2m and equity investments up to £5m to help small and medium-sized businesses start up, scale up or stay ahead. FW Capital is responsible for delivering larger loans of £100,000 to £2m.