SPECIALIST independent financial advisers, Grosvenor Financial Consultants of York has acquired Advanced Financial Consulting (AFC) for a six-figure sum.

As a result, Jason Shearer, proprietor of AFC, a largely IT-based independent advisory company centred in York, joins the ranks of 12 employed at the Swinegate practice.

Mark Pepper, 43-year-old director of Grosvenor, said: “The purchase means that we acquire a large database of professional clients. And because Jason will work with us, their continuity will be assured.

“He benefits from the extra resource of Grosvenor while we are able to spread our net further, so it is a good deal for everyone.”

It is also the start of an acquisition trail for Grosvenor, which in the past has tended to grow by referral.

The deal was backed by the Royal Bank of Scotland in York and John Walker, of York solicitors Guest Walker & Co, advised Grosvenor.

Mr Pepper said: “I know these are tough economic times, but that is precisely why we are determined to expand.

“Our services are needed more than ever because there are a lot of people out there who need financial planning and truly independent advice.”

Grosvenor was formed by Charles Helfferich and Mr Pepper.

For 12 years prior to that Mr Pepper worked for York-based IFA Walsh Lucas, while Mr Helfferich headed up an independent financial advice firm called Independence.

The venture quickly took off, offering independent advice on both personal and corporate financial planning.

Mr Shearer, 38, is a former sociology graduate at the University of York, who went on to graduate in business studies from Durham University Business School.

He said: “These are exciting times and I was delighted to sell to Mark and Charles who have the same ethos of looking after clients who more than ever need people who can provide continuity and certainty in troubled times.”

His clients were mostly from York, but he will also continue to cater for corporations and individuals in London and Aberdeen.