Finance firm Torquil Clark is sold to rival

A top Wolverhampton financial advice firm has been bought in a multi-million pound deal.

Torquil Clark, which manages more than £900m in client funds, has been bought by rival Bellpenny for an undisclosed sum.

The deal turns fast-growing Bellpenny into a £2.5 billion business.

The move ends a quarter of a century of the name in the city, where it is based in the former St Mark's Church in Chapel Ash.

All 66 Torquil Clark employees will now transfer to the new owner and it will be rebranded under the Bellpenny name.

Kevin Ronaldson, Bellpenny chief executive officer, said: "Torquil Clark has become a true heavyweight of the UK financial planning scene over the last 25 years.

"It is a reflection of how far Bellpenny has come that we're already in a position to be making acquisitions on this scale."

Founded by Codsall businessman Don Clark in 1989, Torquil Clark was bought by the Skipton Building Society in 2008. At that point, it employed 120 people but staff numbers have shrunk largely due to the firm pulling out of its mortgage brokering business in July 2009.

It currently manages around £900 million of client funds. The deal incorporates Torquil Clark's wealth management and employee benefits businesses. It also includes its investment brokering business TQ Invest, which accounts for more than £500m of the funds under management.

The firm employs 16 financial planners and more than 50 support staff.

John Chapman, Torquil Clark managing director, will join Bellpenny's executive team. "I fully expect Bellpenny to be one of the dominant players on the UK financial planning scene over the coming years," he said.

Reading-based Bellpenny has made more than 20 takeovers in the last two years.The Wolverhampton base will become its Midlands hub as it aims to grow still further – raising hopes for more jobs in the future.