Harwood Wealth Management Group (HWMG) has announced the acquisition of Network Direct Limited (NDL), a national network of financial advisers based in Wolverhampton, for up to £4 million.

£1 million is payable upon completion. The acquisition is subject to Financial Conduct Authority (FCA) approval.

NDL has 107 advisers spread across England, Wales, Scotland and Northern Ireland. The acquisition brings an additional c.£1bn AuI. NDL is being sold by its principal shareholders, Willian Wynn, Jenifer Schwartz, Brian Raymond, Richard Simon and Leslie Dennis Lee, together with various other minority shareholders.

Peter Mann, chairman of HWMG, said: “We are extremely pleased to be able to announce this key strategic acquisition. We anticipate that the Acquisition will enable us to further leverage our existing investment solutions to the benefit of NDL’s advisers and clients, and also that it will enable us to expand our reach across the UK where there is a growing market for the delivery of quality investment management and advice.

“We welcome the NDL team and advisers to the group, and look forward to working with them to deliver fully integrated investment solutions to their clients.”