News

11
Jan

Succession Group makes £9.5M of acquisitions

Succession Holdings, the vertically integrated financial services organisation controlling its own advice, platform and fund management activities, has acquired four more firms from its 80+ membership, to be part of its national wealth management advisory arm, Succession Group.
Cornwall-based TMS, Sheffield-based Facts Financial, and Firth and Scott and Carson Associates, both based in Nottingham, with combined funds under management of almost £400million, have been acquired for a total consideration of £9.5million.
Simon Chamberlain, Group Chief Executive, says:  “Since launching Succession Group in 2012, we have invested almost £55million to acquire 21 wealth management and financial advice firms, and fully committed to a client-centric infrastructure, providing better employment prospects for business owners and their staff, and delivering a rich and rewarding experience for clients.
Mr Chamberlain continues:  “Unlike other financial services consolidators who acquire advice firms with a view to reduce staff numbers and limit the range of services to clients, Succession Group can support business owners in optimising the value of what they are selling, whilst protecting their value as a Succession Group shareholder.
“We are almost at the half way point of buying 50 firms by 2018 from our 80+ membership.”
Ross Bolton, Managing Director of Facts Financial said:  “Having long standing relationships with clients whose financial plans we’ve looked after for up to 30 years, meant that we were very particular in finding a large national group to work with, which had the right culture for us and our clients.  We wanted to put in place the infrastructure to continue providing their peace of mind in the long term. Being acquired by Succession Group means we can continue working with these clients in the same way, but with the certainty of succession planning”.
Clive Gwilliam, one of three partners at TMS with offices in Truro and Penzance said:  “We have joined a dynamic and progressive business that offers exciting times ahead for all involved.  Having fully embraced the proven Succession methodology to improve profitability and create recurring revenues, we were impressed by the amount of due diligence required to ensure a good fit for both parties.  The right cultural alignment was important to us too and the whole process reinforces that Succession Group is building a quality business for clients and shareholders”.
Steve Hopkins, MD at Firth and Scott commented:  “Having earned the right to work with clients for years and supporting them through their major life events, it is impossible to imagine a succession plan that abandons the principles and ethics that we have held dear.  Being acquired by Succession Group means our clients will continue to benefit from a whole of market fund choice, ongoing investment in client servicing technology and continuing professional development of talented, experienced and specialist individuals to help them achieve their financial goals”.
Steve Carson of Carson Associates comments:  “I have no plans to exit the industry yet, but the acquisition of Carson Associates allows me to stop worrying about the minutiae of running a business, and focus on building stronger relationships with clients.”