Financial Planning firm Ascot Lloyd has acquired Scottish adviser Create and Prosper Financial Services for an undisclosed amount.

The deal brings in £254m in assets under administration to Ascot Lloyd, the firm said.

Gordon Kerr, acquisitions director at Ascot Lloyd, said: “The acquisition of Create & Prosper Financial Services adds to our already extensive national footprint.

“The strength of our balance sheet means that we remain well-positioned to deliver on our M&A strategy, and we are continuing to identify high-quality businesses that match our culture and values.”

He said Create and Prosper is “joining a business that can alleviate the regulatory and compliance burdens that smaller firms face, allowing them to increase time spent on their core role – advising clients.”

Create and Prosper received FCA authorisation in 2010, according to the FCA register, which records its address as being in Kirkcaldy, Fife. It has formerly traded under the names Springhill Asset Management and Added Value Financial Services, according to the register.

Companies House records show that Create and Prosper was incorporated in 2010 and has a registered address in Regent Street, London.

Chris Hodgson, chief executive of Create and Prosper, said: “The operating environment for regional IFAs has been challenging over the past few years and joining Ascot Lloyd provides us with the support that will allow us to grow and continue to provide excellent service to our clients.

“It was important for us to find a partner that aligns with our culture and commitment to independent financial advice."

Ascot Lloyd was set up in 2003 and has around £10bn in funds under influence and provides Financial Planning, wealth management and corporate benefit solutions to more than 20,000 clients. It has more than 500 staff in 17 UK locations.

European private equity firm Nordic Capital acquired Ascot Lloyd from US-based Oaktree Capital Management for an undisclosed sum in October 2022.

Before then Ascot Lloyd acquired a number of Financial Planners across the country, including Kemble Warwick, Corporate Benefits Consulting, Gregory Adam Financial Management, Fitzroy Wealth Management and Ring Associates in 2020.

In August 2021 it completed the acquisition of Aberdeen-based Central Investment Services, a few months after securing funds from Ares Management Corporation to increase its capital available for acquisitions to over £100m.

In February Ascot Lloyd said CEO Nigel Stockton was leaving the firm after running the business for eight years.