Manchester-based Chartered Financial Planning firm Suttons Independent Financial Advisors has acquired Bolton-based Whitewell Financial Planning for an undisclosed amount.

The deal adds almost £40m of assets under management to the firm.

Suttons, based in Sale, Manchester, was established in 2006 by Harvey Sutton and now has 20 staff and £240m of assets under management.

Suttons is a Chartered Financial Planning firm providing wealth management, tax, pensions and retirement planning advice to professionals, business owners and entrepreneurs. It also advises on mortgages, equity release, illness and life insurance and savings.

Whitewell was founded in 2008 by Chartered Financial Planner Phil O’Connor. It provides Financial Planning, investment and retirement planning advice to individuals, business owners and directors, senior medics and other professionals across the north west.

Mr O’Connor will continue to work closely with Suttons and will be the main point of contact for his clients.

Ben Preston, managing director at Suttons, said: “Whitewell is a great fit for us. By merging our firms, we’re able to offer Whitewell’s clients a broader range of services and expertise, the support of our larger team and ultramodern digital infrastructure that underpins our firm.

“We continue to seek opportunities to make further acquisitions of quality owner-managed businesses which are a good fit, while at the same time we are growing strongly organically by gaining new clients, many of whom come to us on the recommendation of our existing customer base.”

Mr O’Connor said: “There was interest from a number of parties, but I felt Suttons was the right fit for the business. I will be working alongside their advisers going forward and will continue to be my clients’ adviser and main point of contact.

“Suttons will handle the administration and support behind the scenes. For customers of Whitewell, all of their plans and arrangements will continue uninterrupted.”

Revenues for Suttons’ current financial year, which runs until 30 June, are on track to reach a record £3.3m, the firm said. Whitewell is its third acquisition.

Suttons achieved Corporate Chartered status with the Chartered Insurance Institute (CII) last autumn. 

Robin Hastings, corporate partner at Bermans lawyers and Richard Riley, head of commercial, advised Suttons on the acquisition.

Law firm Schofield Sweeney advised Whitewell on the sale. The deal was brokered by Brian Hill of Pathfinders.