Astute’s directors, Chris Hawkins and Marshall Bickler, will remain as advisers to help the ongoing development of the business.

Astute has been a longstanding member of Tenet’s network business, Tenet Network Services and the sale has been made as part of the directors’ succession planning.

Helen Ball, managing director of Tenet&You, said: “I’m pleased to welcome Chris and Marshall to the group.

“This acquisition offered a great opportunity to grow our business by adding two quality advisers to our team as well as a further £100m plus of assets under management.”

Hawkins and Bickler, added: “Tenet have been our network partner for over 20 years, so it was a logical decision and fit for both our clients and business.

“The buyout will enable us to focus entirely on helping our clients achieve their lifetime aspirations.

“We now have the security, resources and backing of Tenet to enable us to continue to grow whilst providing a good long-term advice proposition for our clients”.