During the year it acquired several other businesses after a major cash injection.

The group, which also owns investment management company Sequel Investments, received a £100m investment by Crestline Investors during the year.

In results published today the group said revenue during the year was £27.1m while EBITDA, a measure of profit, climbed £3.9m to £5.3m.

It said the growth was down to the successful execution of the first part of its acquisition strategy.

The group used the funds from Crestline to acquire the practices of 17 self-employed advisers and most recently took over Chartered Financial Planner Wade Financial Services in September.

It said it also attracted a greater funds inflow into its Dynamic Portfolios helping AUM to grow to £0.55bn, an increase of 38% over the year.  

Roger Brosch, chief executive of Foster Denovo said: “2022 was a pivotal year for the Group. We completed our first external investment into the business and immediately put the funds to work resulting in spectacular growth in EBITDA.

“The acquisition strategy has continued in 2023 with the recent announcement of Wade Financial Services. Before the year is out, we will be announcing the next firm which will be joining the Foster Denovo Group.” 

Philip Davies, chief financial officer, said: “It was particularly pleasing to see Foster Denovo continue to go from strength to strength in the face of the challenging market conditions in 2022.” 

Crestline is a private equity firm based in Fort Wroth, Texas. It has approximately $14bn of assets under management.