The deal follows the acquisition of wealth management firm, Derbyshire Booth, in April, which shares the Preston premises with Elementum Ltd, an acquisition Tenet made in October 2018.
 
Principal, Colin Galbraith, has been a Tenet network member for more than 24 years and the sale was said to have been made as part of his succession planning for retirement.

Tenet’s chief executive, Mark Scanlon, said: “This acquisition offered a great opportunity to further develop our North West hub, as well as aid the retirement of a long-serving Tenet member, giving Colin peace of mind regarding the continuity of advice standards for his clients.

“Our practice buyout scheme continues to attract a lot of interest and offers a range of deals for member firms, from smaller client bank acquisitions and share purchases, to larger company buyouts.”
 
Mr Galbraith said: “Having been a Tenet member since 1995, I have seen first-hand the way the network has supported its members in adapting to the many changes in financial services since that time.

“It is with great confidence that I am passing on my clients and I am grateful for the ease of transition into retirement that Tenet’s practice buyout process has facilitated.”