Succession acquires advice firm in £1.2m deal

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Succession has acquired Beckenham-based advice firm Maze Wealth for £1.2m, a week after securing £25m in new funding.

Maze became a member of the consolidator in 2013 and now has £40m of funds under management.

Last week, Succession secured £25m to fund further acquisitions. The latest deal is the sixth completed so far this year. The firm says it wants to acquire around 50 of the best advice firms within its 80 strong membership by the end of next year.

Succession Group chief executive Simon Chamberlain says: £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.”

He adds: “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.”

Maze Wealth founder Dhan Sharma says: “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.”

He adds: “Many business owners describe their business as their pension. While I have no plans to retire yet, this acquisition has de-risked my pension planning by delivering an attractive capital event now and secured the medium and long-term future for clients and staff, while enabling me to continue to do the job I love.”