London-headquartered The Penny Group has bought west Sussex advice company Excel Financial Solutions (EFS) for an undisclosed sum.
As part of the transition, the EFS team of two joined The Penny Group on 1 October 2021. The owners of EFS will continue to work with their existing clients up until March 2024 during which time they will introduce them to a The Penny Group adviser to take over following Jeremy Taylor and Fiona Taylor’s eventual retirement.
The Penny Group and Excel Financial Solutions are both members of The Openwork Partnership.
This is The Penny Group’s sixth M&A deal in the past four years, as it continues to implement its strategy to help retiring advisers in The Openwork Partnerships with a succession plan via acquisition.
Graeme Morrissey, partner at The Penny Group, said: “We are delighted that we have been able to provide Jeremy and Fiona with the staged exit which they wanted to ensure that all EFS clients will continue to receive high quality financial advice over the long term.
“We have learnt over the years that every business owner has differing timelines and specific requirements, but core to each successful transition is an orderly handover of each trusted client relationship to an adviser who will be on hand for many years to come.”
