Succession buys Beckenham-based firm for £1.2m

Succession buys Beckenham-based firm for £1.2m

Succession has bought Beckenham-based Maze Wealth for a total consideration of £1.2m.

Maze Wealth began working with Succession in 2013 with a clear agenda to grow the capital value of its business.

It specialises in wealth management for senior executives and partners and has £40m of funds under management.

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Simon Chamberlain, chief executive of Succession, said: “Ambitious IFA and wealth management firms, like Maze Wealth, join Succession with a clear agenda to build value and capital into already high-performing business models.

“In our experience it is what happens post-acquisition that counts and our unique approach to acquisition and rapid integration provides a clear sense of continuity for clients and staff.”

Dhan Sharma, founder of Maze Wealth, said: “There will be no nasty surprises for Maze clients as Succession is the only acquirer that doesn’t expect business owners to abandon their commitment to independence.

“Succession’s continued investment in people, technology and infrastructure is a compelling proposition for advice firms looking to springboard to the next level.”

Last week Succession announced it had secured an investment package of more than £25m from HSBC and its existing shareholders. The investment will allow it to continue its plan to buy the best 50 firms from its affiliated membership by the end of 2017.

In the last three years, Succession has purchased 25 firms to create a national advisory business.

It currently has 50 affiliated member firms, each of which is working towards being acquired, with the investment package helping the group to accelerate its rate of acquisitions.

Directly and through its affiliated membership, the group has £11bn of funds under management, of which more than £2.5bn is serviced through its national advisory business