Financial Planner and wealth manager Saltus has bought Newcastle-based Financial Planning firm Lowes Financial Management for an undisclosed amount.

Lowes revealed the news in an update published on LinkedIn.

The long-established firm said: “Lowes is now part of the Saltus group, marking a new chapter in our 54 year history.

“This collaboration is designed to enhance the service and value we deliver, while staying true to the values and principles that have defined the firm for over 50 years. This marks an evolution in Lowes’ journey - one that honours its past while embracing future opportunities for growth and innovation.”

Saltus confirmed to Financial Planning Today that the acquisition has taken place, but declined to provide further details about the deal or what impact it may have on Lowes’ advisers or customers.

Lowes was established in Newcastle in 1971 and, according to the FCA register, registered the name Lowes Financial Management in 1984 and became authorised in 2001.

According to Lowes’ website, the firm has 17 Financial Planners, including six Chartered Financial Planners. It has a further 29 staff working in Financial Planning support, including nine paraplanners.

Ian Lowes, managing director of the firm, revealed in a client video on the company’s website that as a result of the deal he would be stepping down from day-to-day management after 35 years with Lowes. He said he would remain as a consultant to the firm providing support about structured products.

Barry Hopper, commercial director, said in the video the deal marked “a significant step forward.” Mr Hopper, who has previously worked at Saga and British Airways, looks set to lead the business under the new deal, alongside operations director Claire Locke.

Jon Mackintosh, managing partner at Saltus, said in the video that he was, “delighted about the partnership and excited about the future.”

Last October Saltus paid up to £37.75m to acquire Tavistock’s financial advice businesses, Tavistock Partners Limited and Tavistock Partners (UK) Limited, including the Abacus and Duchy brands.

Saltus started life as an investment management firm in 2004 launching Saltus Financial Planning in 2015. It says it now has more than 300 employees and more than £7.5bn assets under advice.