Succession makes two acquisitions

Succession makes two acquisitions

Succession has bought two companies, adding £350m of funds under management to the business.

During August the consolidator bought Inverness-based McKenzie Investments Ltd and Cheltenham-based Warwick Butchart Ltd.

As part of the deals both the proprietors and staff of these two firms will be joining Succession.

These are the first acquisitions Succession has announced since January, when it revealed it had bought four firms across the UK.

Mark Stokes, proposition and marketing director for Succession Group, said there had been a change in focus since the company's new chief executive took over earlier this year.

He said: "Succession is focused on its second stage growth strategy and since James Stevenson became group chief executive in January 2018, the business has been refocusing its energies towards substantive, value creation acquisitions managing over £1bn of funds.

"This is in addition to acquiring smaller firms managing between £100m and £300m of clients’ investments."

Succession has also changed its acquisition process, with the transition and integration of firms moved out of Succession Advisory Services to be directly controlled by Succession Group.

Mr Stokes said: "Bringing together our recruitment and acquisition functions under our M&A team will deliver a much more streamlined process for targeted firms wishing to be acquired by Succession in the future.

"The growth of Succession remains a vital part of our overall business strategy and this will continue to be achieved organically and via acquisitions.

"We are in a fantastic position at this point in our journey to continue to build strength into our core financial planning business as well as continuing to provide a market leading investment platform and proposition which now supports over 20,000 clients across the UK."