Openwork has acquired network member and 100-adviser firm Milecross in its first acquisition since it received major investment from Bain Capital.

Private equity investor Bain Capital has taken a £120m stake in adviser network the Openwork Partnership, one of the UK’s biggest advice networks with 4,800 advisers.

Restricted advice wealth manager 2plan, part of the Openwork Partnership, said it will restart its commitment to growth after the Voluntary Requirement (VREQ) imposed on it in 2024 was lifted by the FCA following a review.

Acquisitive Northern Ireland financial adviser Milecross Financial has bought Milton Keynes-based Financial Planning firm The Martin Cliffe Practice for an undisclosed amount and plans further deals in 2025.

Chartered Financial Planner firm The Penny Group has acquired fellow Openwork Partnership firm Surrey-based Whiting Financial.