Wealth manager Skerritts announced it has received regulatory approval for the acquisition of Harrogate-based Ellis Bates Financial Advisers.

The transaction will complete on September 30, 2024, and will add to Skerritts’ presence in the North of England as the group looks to accelerate its expansion nationally.

Headquartered in Hove, Skerritts is a chartered financial adviser and wealth manager.

In March 2021, Sovereign Capital Partners, a UK private equity Buy & Build specialist, completed a significant investment worth £55 million to develop Skerritts through a strategy of organic and acquisitive growth, which has seen the addition of new offices in Chester, Kent, Hampshire, Surrey and London.

The purchase of Ellis Bates adds over £1 billion of assets under management and brings the number of deals that the Skerritts Group has completed since the Sovereign investment up to 11.

Skerritts CEO Paul Feeney said: “I am delighted to welcome the great team at Ellis Bates to the Skerritts Group. This acquisition continues our mission of becoming Britain’s Premier Chartered Financial Planner.

“Ellis Bates will bring a strong Northern base to the Skerritts Group, with a highly experienced and talented team, and we are incredibly excited to be working together’’

Ellis Bates MD Michael Cope said: “We have known the Sovereign and Skerritts teams for some time now and have been impressed with the robust expansion they have achieved through their Buy and Build strategy.

“With a 40 year history behind us we are incredibly proud of the business we’ve built but equally ambitious to keep growing and ensure a successful future for our clients and our team.

“In our search for a next-stage growth partner, we have spoken to many other firms, but only Paul has excited us with his vision, ambition and drive to create a truly national, independent, Chartered Financial Planning firm.

“We also see the same high standards, family values and client centric approach within Skerritts that are so important to us.”