Wealth management group Charles Stanley has purchased fellow wealth management business Jobson James Financial Services in a deal worth £2.25 million.

Wealth management group Charles Stanley has purchased fellow wealth management business Jobson James Financial Services in a deal worth £2.25 million.

Jobson James provides services such as group and corporate pensions, financial planning for directors, redundancy counselling and retirement advice.

The deal is aimed at expanding Charles Stanley’s position in the Midlands according to a statement released by the company.

Chairman of Charles Stanley, David Howard, comments: ‘The company is a high quality acquisition for the group and complements the expanding activities of Charles Stanley in this are of financial services.’

Under the terms of the deal the £2.25 million consideration is subject to certain revenue targets being achieved.

Birmingham-based Jobson James also provides tax services for clients including estate and inheritance tax planning.

Richard Venner, managing director of Jobson James, says that the deal shows how far the company has come since it was formed in 1993.

Venner adds: ‘Joining Charles Stanley is a natural fit for the company.’

As part of the deal Jobson James Insurance Brokers, the sister company to the financial services arm, will not be included in the acquisition. The business will continue to operate as an unconnected stand alone company.

The existing management team on the wealth management and financial planning end of the business will remain on the board with representatives from Charles Stanley.

The move marks the first acquisition for Charles Stanley since its £8 million purchase of Garrison Investment Analysis in June 2007.