A West Midland financial advice firm has been taken over by one of the country's biggest building societies.
The Skipton, based in Yorkshire, said yesterday that it had bought an 86 per cent shareholding in Torquil Clark of Wolverhampton for an undisclosed amount.
The company, which was founded in 1989, will retain its name and will operate as an independent concern with its directors reporting to the Skipton board.
Torquil Clark, which is based in a converted church in Chapel Ash, employs 120 staff, including 17 advisers, and has £160 million of funds under management.
It advises clients on financial planning, investments, employee benefits, mortgages and life insurance.
Founder and principal shareholder Don Clark is leaving the business following the Skipton acquisition.
"I am delighted to be able to leave the company in the hands of a very capable management team with the backing of a strong mutual building society," Mr Clark said.
Torquil Clark managing director John Chapman said the Skipton takeover would enable the firm to expand. The fact that the brand is being retained "gives comfort to staff and clients alike", he added.
Torquil Clark becomes the fourth independent financial adviser within the Skipton group and brings the total number of its subsidiaries to 20.
"We already have a strong presence in the IFA market with our existing subsidiaries, Skipton Financial Services, Pearson Jones and Parnell Fisher Child, so the fit of Torquil Clark is obvious," said David Cutter, Skipton group corporate development director.