Succession acquires two firms in £10m deal

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Succession has acquired member firms Lewis Chambers and Plan4Wealth in a deal that values the businesses at more than £10m.

The businesses have more than £200m funds under management and are based in Maidenhead and Farnham respectively.

The businesses were acquired within six months of joining Succession as member firms.

Lewis Chambers managing director Mark Stokes says: “The valuation at £10m underlines the quality of the combined propositions. Yet for both businesses, the cultural fit was far more important than the deal price, and we undertook extensive due diligence to be certain our clients, staff and stakeholders would be as comfortable with Succession as they have been for the last 21 years with Lewis Chambers and Plan4Wealth.”

Succession chief executive Simon Chamberlain said: “As client-centric firms, a seamless acquisition with no disruption to the business was vitally important to both Lewis Chambers and Plan4Wealth, who have been able to continue providing essential services to clients throughout.”

In a business update yesterday, Chamberlain said Succession’s plan is to capitalise the business in 2018 either through a trade investment or by floating on the London Stock Exchange main market.

He said Succession has 10 acquisitions planned for 2017, which are expected to complete in the next six months.