The Penny Group Ltd. (tPG) has announced the completion of its acquisition of Excel Financial Solutions (EFS). West Sussex based Excel is a family run financial advice firm established in 1993, also part of The Openwork Partnership.
The deal marks the sixth acquisition in the past four years for TPG as it continues to implement its strategy to provide a natural home for business owners within The Openwork Partnership who are on their own individual journey towards retirement.
As part of the transition, the EFS team of two will be joining TPG from the 1st of October 2021.
Jeremy Taylor, Owner of Excel Financial Solutions commented: “We have very carefully selected the right partner for this move. The Penny Group hold the same high ethical approach and standards of personal service and professionalism as we strive to achieve, and at the same time bring an additional dimension of youthful energy, new ideas and advanced technology. The Penny Group is a Chartered firm, and the partners and people within the business also personally follow routes to individual Chartered status, to demonstrate the highest standards possible.”
Graeme Morrissey from The Penny Group stated: “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.”
The Penny Group and Excel Financial Solutions are both members of The Openwork Partnership which will help to ensure the smooth integration of the two businesses and most importantly will provide a seamless transition for clients.
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 TPG adviser to take over following Jeremy and Fiona’s eventual retirement.