Ambitious trust company Ludlow Trust, which took over the UK trust business of Coutts and the NatWest Group in 2021, has bought C Hoare & Co’s UK trust business for an undisclosed amount.

Ludlow Trust has also entered into a new partnership to provide trust administration to the bank's customers in future.

C Hoare & Co was established in 1672 and is the UK’s oldest privately-owned bank.

The company believes its customers will benefit from additional product and service opportunities by leveraging Ludlow Trust's expertise in trust administration, client onboarding, back office operations and relationship management.

Matthew Wickers, chief executive of Ludlow Trust, said: "This relationship signifies a harmonious alignment of our organisations, both in terms of our clientele and ethos which is dedicated to client service and technical excellence. For Ludlow Trust, this is also an important development which positions us well for future growth."

Diana Brightmore-Armour, chief executive of C Hoare & Co, said: “After careful consideration, we identified Ludlow Trust as the right organisation for our trust and estates business. We expect a seamless transition for our customers.

“This decision also aligns with our focus on simplifying the bank’s proposition, allowing us to concentrate on our core strengths as a private bank and meeting the evolving needs of our customers.”

The announcement follows Ludlow Trust's recent acquisitions of Saffron Tax Partners and Charter Tax.

The firm is also pioneering its charity gateway service, featuring a donor and charity matching system, underscoring its commitment to serving the charitable community.

Ludlow Trust Company was established in 2020 to acquire and manage the UK trust business of Coutts and the NatWest Group. Three years ago it acquired the NatWest Group and Coutts UK trust businesses and relaunched both under the Ludlow Trust banner.

Ludlow is an independent, family-owned provider of UK-based trust services for high net worth and ultra-high net worth individuals and families. It is a trustee of around 3,750 trusts and manages more than £1.4bn of assets.