Duchy has become a subsidiary of Tavistock Partners, the company's advisory business. Tim Mears, Duchy's managing director, will head up Tavistock's new regional operation in the South West.

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In January Tavistock agreed a £2.7m deal to buy Standard Financial Group.

Today's takeover comprises an initial payment of £220,000 in cash and £130,000 through the issue to the vendors of new ordinary shares of 1p each in the capital of the company at an issue price of 7.5p per share. Depending on performance another £156,000 could be paid, bringing the potential total to £506,000.

Duchy's unaudited management accounts for the twelve month period to 5 April 2015 indicated that it had net assets of £195,000 and had achieved a profit before tax in the period of £182,000.

Brian Raven, Tavistock's chief executive, said: "We are delighted that Duchy has become part of the Tavistock Investments group, after looking for some time to establish a regional hub in the South West. This business, under Tim's leadership, is an ideal fit, sharing our commitment to the quality of private investor experience."

Tim Mears, Duchy's managing director, said: "I've been looking to find the right partner for some time and have had discussions with several parties. Tavistock impressed me as the best option, not just for me, but also to secure the potential for an eventual retirement exit for our advisers. Their business model is impressive and they place a strong emphasis on customer care. I'm looking forward to working with them to expand the group's operations in the South West."