Investment company Enterprise North plc has bought Diamond Lifestyle, a financial intermediary principally providing advice and brokering finance to tenants of council houses in England and Wales.

The deal, which includes a number of Diamond’s associated companies, is worth up to £9 million, with £2.5 million paid in cash and 100 million shares with 62.5 million further shares deferred at 4p each.

Enterprise was advised by Birmingham law firm Clarke Willmott, led by partners Tony Powles and Andrew Beedham. Senior associate Susheel Gupta was also involved with specialist advice from the firm’s property and employment teams.

Enterprise’s non-executive chairman, Paul Hughes, said: “Clarke Willmott exceeded our expectations and we look forward to working closely with them in the future.”