Pearson Jones steps up the Pace

Leeds-based Pearson Jones has bought Pace Financial Solutions for a "significant but undisclosed" sum.

Pace Financial Solutions, which is based in Bishop Auckland, County Durham, has 12 staff and a turnover of 1.25m.

Peter Schofield, Pace Financial Solutions' senior consultant, who will stay with Pearson Jones, said: "This is an excellent move for Pace Financial Solutions and its clients which will have significant benefits for both, through being part of a bigger team with a wider range of expertise."

Pearson Jones, which was founded in 1972, offers services including wealth management, mortgages, pensions and employee benefits, tax and trust planning.

It recently announced profits of 805,000 for the year to May 2010.

Paul Scott, Pearson Jones director, who leads the firm's pension and employee benefits division, said: "Acquiring Pace Financial Solutions gives Pearson Jones an important foothold in the North East through a well-respected business with a first-class reputation.

"We believe that there is significant potential for extending top-flight independent financial advice throughout the North East and look forward to realising this following the completion of this acquisition."