Cornwall-based TMS, Sheffield-based Facts Financial, and Firth and Scott and Carson Associates, both based in Nottingham, with combined funds under management of almost £400million, have been bought out by Succession Holdings.

Simon Chamberlain, Succession group chief executive, said: “We are almost at the half way point of buying 50 firms by 2018 from our 80+ membership.

“Since launching Succession Group in 2012, we have invested almost £55million to acquire 21 wealth management and financial advice firms.”

Steve Carson, of Carson Associates, said: “I have no plans to exit the industry yet, but the acquisition of Carson Associates allows me to stop worrying about the minutiae of running a business, and focus on building stronger relationships with clients.”

Clive Gwilliam, one of three partners at TMS with offices in Truro and Penzance, said: “Having fully embraced the proven Succession methodology to improve profitability and create recurring revenues, we were impressed by the amount of due diligence required to ensure a good fit for both parties.

"The right cultural alignment was important to us too and the whole process reinforces that Succession Group is building a high quality business for clients and shareholders”.