Chartered Financial Planning firm One Four Nine Wealth has opened a new office in Glasgow to spearhead its growth in Scotland.

The new office brings together the teams from two acquired Financial Planning firms: APC Financial Solutions and McCrea Financial Services, now both operating under the One Four Nine Wealth brand.

The firm hosted a charity blood drive in support of the Scottish Blood Transfusion Service to mark the office opening. It aims to encourage 149 individuals to donate a pint of blood over the coming year, with 30 people donating on the initiative’s kick-off day which took place on Tuesday 2 December.

Angela Proctor, business development director at One Four Nine Wealth, said: “Giving back through charitable initiatives is central to our values as a business and we are honoured to support the Scottish Blood Transfusion Service - a vital service in the region, which is always in need of donations, particularly in the winter months. We encourage everyone in the area to join us in making a difference this year and donate.”

One Four Nine was launched in October 2021 with the acquisition of three well-established wealth management business. At March 2024, it had completed nine acquisitions, although the figure has subsequently risen to 11, according to the company.

Its number of advisers at March 2024 was listed at 31, although more recent figures published on the firm’s website suggest the figure now stands at 33.

The London-headquartered Chartered Financial Planning firm reported AUM rose to £1.8bn in the year to March 2024 but losses increased to £4.7m.

Gross profits at the firm climbed from £6.7m in 2023 to £11.1m in 2024 while administrative expenses jumped from £10m in 2023 to £15.9m in 2024.

Debts at the firm were piling up with the amounts falling due to creditors within one year rising from £23.1m in 2023 to £28.9m in 2024. Assets under management in March 2024 were £1.5bn.

Turnover at the firm since it launched has risen, but losses have also climbed. Turnover climbed from £1.8m in 2022, to £6.7m in 2023 and reached £11.1m in 2024.

Losses posted in 2022 were £1.9m, rising to £2.9m in 2023 and reaching £4.7m in 2024. The details were revealed in the firm’s annual accounts which were published on Companies House website in September, almost five months late.