M&G plc announced it has reached an agreement to acquire Huddersfield-based independent financial adviser Sandringham Financial Partners, subject to regulatory approval.

Sandringham, led by CEO Tim Sargisson, is a fast-growing provider of independent financial advice in the UK.

Established by Ken Davy in 2012, it has over 180 IFA Partners and advises on assets of more than £2.5 billion for over 10,000 clients.

On completion Sandringham will sit within M&G’s Wealth division alongside M&G Wealth’s existing advice, platform, and investment businesses.

M&G plc has about £370  billion of assets under management and  administration.

David Montgomery, managing director of M&G Wealth, said: “This complements our existing network of advisers with a well-regarded national independent financial advice business.

“It will accelerate our ability to provide increased advice to more consumers, with a wider range of solutions.

“It will also enable us to attract further advisers.

“We are keen to expand and develop our advisory capabilities to broaden services, be a core part of tackling the advice gap in the UK, and ultimately provide better value and enhanced experiences for our clients.

“Sandringham has a well-earned reputation and a talented group of partners and staff, who share the same values and enthusiasm as the other parts of M&G Wealth”.

Sandringham chairman Barry Kayes said: “Since being appointed chairman of Sandringham six years ago I have enjoyed seeing the business go from strength to strength.

“The reason for this success is straightforward.

“Sandringham delivers on our prime objective of providing excellent client outcomes via the quality services and support we deliver through our 185 IFA partners.

“This acquisition by M&G is testament to this and demonstrates their commitment in developing IFA distribution under M&G Wealth.

“Most importantly, it enables us to support, protect and enhance the lives of our clients”.

Sandringham CEO Tim Sargisson said: “I very much welcome this deal.

“We will be the independent part of a business fully committed to significantly increase its presence in providing much needed financial advice services.

“It is business as usual for Sandringham with the compelling opportunity to be part of a strong parent that is committed as much as we are to delivering the best experiences to our clients.

“I look forward to working with future colleagues in M&G Wealth to drive forward these shared goals and ultimately add significantly to the well-being of our clients.”