UK-headquartered wealth advisory firm Towry has acquired Lighthouse's 50.1 per cent holding in the shares of Deverill Black & Company, a Bristol-based wealth management and financial planning company for £501,000.

UK-headquartered wealth advisory firm Towry has acquired Lighthouse's 50.1 per cent holding in the shares of Bristol-based wealth management and financial planning firm Deverill Black & Company for £501,000 ($818,000).

Lighthouse Group said in a statement released on the London Stock Exchange that it had accepted the offer for Deverill Black as the holding was not strategic in nature.

For the year ending 31 December 2012, Deverill Black recorded a profit before tax of £44,173 and had net assets of £152,891.

Towry has bolstered its business this year with a number of acquisitions and hires.

In September, Towry confirmed it is to acquire the business assets and contracts of the AXA UK advisory business Bluefin Personal Consulting, for an undisclosed sum.

The firm recently appointed Medhi Douali as an analyst within the investment team and Gemma Durkin from LRH Wealth Management to serve as a wealth advisor in Leeds.