FINANCIAL services specialist the Paramount Group – part of Towergate Financial – has announced its first business venture into East Yorkshire.

The company, based in Birstall, near Leeds, has acquired the business which formerly traded as Ken Room Asset Management in Pocklington.

Paramount has taken over the Regent Street premises and installed a team of administrators and financial advisers to ensure a smooth change over.

The Paramount Group is a top independent provider of financial services, including advice on investments and savings, taxation and planning for retirement.

The company hopes this latest acquisition could be the beginning of a concerted expansion programme throughout East and North Yorkshire.

Adele Jones, Paramount co-founder and director, said: “We’ve been looking for an opportunity to grow our business in East Yorkshire for some time and when this long established and well respected company became available we jumped at the chance.

“This has given Paramount an important foothold in a new region, and there is every chance that we will be looking to expand further through acquisition over the next 12 to 24 months.

“Pocklington itself is an attractive market town with an increasing population, and we believe people need to be able to source specialist advice close to home without having to travel to Hull, York or Leeds.

“The Paramount name has been warmly welcomed by our East Yorkshire clients and the local business community and we look forward to playing our part in the local economy.”

Ken Room has retired as an independent financial adviser to concentrate on a new investment website, www.thealternativeinvestmentdirectoryltd.com It gives investment providers a new online vehicle to market their products.

He said: “The transition to Paramount Group will be of great benefit to existing and future clients. They have a number of specialist advisers and the latest technology to enable up to date independent research while still retaining close personal contact with all clients.”