UK IFA firm Applewood Wealth Management has acquired Ravencourt Financial Services, based in Ruthin in the north-east of Wales, according to Daily Post, a Welsh news service.

Under the deal Applewood will retain Ravencourt’s premises and two of its administrative staff, the report said. Financial advisor Brian Jones is to retire but will stay on as an introducer during a handover period. The terms of the transaction were not disclosed.

“We have lots of clients in north Wales and the acquisition of Ravencourt helps us provide a quality service to our existing clients and to the clients of Ravencourt,” Karl Hartey, Applewood’s managing director is quoted as having said.

Applewood, which has offices in Chester and Oswestry in England, was founded in 1992.

In other recent M&A activity within the UK IFA industry, last week Helvetia Wealth, the Swiss private banking and asset management firm, significantly expanded its UK presence with a pair of acquisitions.

Helvetia Wealth bought Glasgow-based City Gate Money Managers along with a controlling stake in London-based TAM Asset Management, adding 25 staff to its payroll and boosting its assets under management to over SFr1 billion (just under $1 billion).