Solomon Capital Holdings, a wealth management group backed by private equity firm J.C. Flowers & Co, has bought Beaufort Group.

The transaction is the first stage of Solomon’s plan to build a national advice business, serving over 50,000 clients.

Andy Thompson, founder of Solomon, said, “Over the years, the team at Beaufort have built tremendously successful businesses in Beaufort Financial and YOU Asset Management, earning great reputations in the process. The complementary businesses provide a significant and strong set of foundations on which we can build, with a shared vision for the future. The talented professionals they employ and the proposition they have developed is second to none.”