Mazars Financial Planning has bought Salisbury-based chartered financial planning firm RCL Consultancy from The Embark Group, adding £300 million in assets under advice.
Following the completion of the deal, Mazars will have over £1 billion of assets under advice.
In a profile published last month, Mazars senior manager Natalie Wright (pictured) told New Model Adviser® the firm wanted to make acquisitions as part of a plan to increase revenue to £20 million a year by 2021. Mazars also plans to take on a number of graduates in its bid to reach the target.
Alongside the acquisition of RCL Consultancy, Mazars revealed it would lauch a joint venture with Embark in the employee benefits market. This will see both businesses' current activities in the space merged together in a single company called Vested Employee Benefits.
The new company will be aimed at small to medium sized businesses with between 100 and 750 employees. Mazars said Vested would go 'beyond traditional flexible benefits and auto-enrolment' to consider workplace saving schemes and other such initiatives.
Vested will be part of The Embark Group and owned 51% by Embark and 49% by Mazars.
Mazars UK senior partner Phil Verity said: 'The combination of these transactions continues our rapid growth in the UK financial planning market, a core sector for Mazars in the UK, and through Vested we will retain our engagement in the employee benefits consulting market, in a collaboration that greatly increases our chance of material success.'