Norwich firm expands into Peterborough

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Norwich firm expands into Peterborough

Norwich-based adviser firm Lucas Fettes has acquired Peterborough IFA firm Waveney McKenna as part of a plan to grow by 20 per cent over the financial year.

Group chairman Robin Lucas said: “We are in a fantastic position where we are free of any debt and profitable. This gives us the ability to invest in our continued growth and development when quality opportunities come our way.”

Ian Burrows, director of Waveney McKenna, said: “Following a review of our business and the challenges in the market we carefully researched the options and reviewed a significant number of companies before deciding to sell to Lucas Fettes.”

Background

Fred Hansson, investment partner at Imas Corporate Finance, said the market will see a continual flow of consolidation at the lower end of the scale as it was such a fragmented market with masses of options for firms such as Bellpenny and Succession to consolidate.

“The other dynamic is that there will be more buyers for restricted advice firms than those offering independent advice. This was because the whole-of-market sector had more stringent processes compared with the restricted sector,” he said.