Your IndustryApr 28 2017

Succession buys two firms in £4m deal

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Succession buys two firms in £4m deal

Succession has bought two firms from its membership, taking the number of businesses acquired in 2017 to four.

Paul Jones Financial Services Ltd and Equity Invest Ltd have been acquired for a total of £4m.

In the past three years Succession has bought 36 firms and plans to accelerate its next acquisitions.

Paul Morrish, Succession’s group corporate director, said: “Succession Group is preparing for further substantial growth in 2017.

“With the support of our shareholders, our already acquired businesses, and the excellence of our staff, we continue to innovate our already-compelling proposition that combines our investment platform, distinctive investment solutions and wealth planning advice.

“At the same time, Succession Group has accelerated plans to acquire and integrate businesses from our affiliated membership, delivering long term security for clients, succession planning for business owners and career development opportunities for planners and client servicing teams.”

Paul Jones Financial Services has offices in Southampton and the Isle of Wight and began working with Succession in 2015 specifically to benefit from scale and ensure a lasting service proposition for clients.

Peter Viney, managing director of Peter Jones Financial Services, said: “As part of Succession Group, we will continue to focus on a risk-based investment approach which, along with cashflow forecasting, helps clients to gain financial vision and understand how we can best meet their personal objectives.

“With 40 years of financial services experience, we had reached a point where the regulatory and compliance onus on small businesses was increasingly detracting from our ability to serve clients well.”

Meanwhile Richard Hunter, founder of Wimbledon-based Equity Invest, said: “Our focus on ethical investing adds a new dimension for clients, and we are excited about contributing our ethical investment experiences within a large and successful national business.

“Like Succession, Equity Invest was founded on a client-centric ethic, and our choice to be acquired by Succession was significantly influenced by the wealth planning proposition and commitment to continued innovation”.

damian.fantato@ft.com