Chartered Financial Planning firm Craven Street Wealth has acquired Canterbury-based Pharon Independent Financial Advisers for an undisclosed amount.

The combined business will support more than 5,800 clients and advise on around £2.9bn of assets.

Craven Street Wealth is a southern-based based Chartered Financial Planning business and was founded in 2019.

It has previously acquired six firms across London, the South and Home Counties and has offices in London and five other locations in the South.

Craven Street Wealth was acquired by private equity-backed Quanta Group, the owner of the Wealthtime platform, earlier this year.

It said joining Quanta Group, “provided the scale, investment and technology to further enhance adviser capability and client outcomes.”

Pharon was founded in 1973, and says it has “a proud heritage of delivering high-quality, personal advice to generations of families and business owners.”

Tom Barnett, managing director of Craven Street Wealth, said: “Pharon is a highly respected firm with deep roots in its community and a reputation for quality financial planning over more than 50 years.

“By bringing together two highly regarded independent advisory businesses, we are strengthening our ability to deliver service to clients today and long into the future. I also look forward to welcoming Nick and other members of the Pharon team into our senior management structure.”

Pharon’s leadership team, including managing director and Chartered Financial Planner, Nick O’Shea, will join the CSW management team structure, increasing specialist expertise and strengthening senior adviser representation within the business.

Patrick Mill, CEO of Quanta Group, said: “This acquisition demonstrates the next phase of growth for Quanta, building a national wealth management group with independence, advice quality and client outcomes at its core.”

The Quanta Group has around £16.90bn AUA and more than 86,000 clients with offices in London, Kent, Oxfordshire, Sussex, Bedfordshire, and Dorset.