Two IFA firms have been bought by Succession Group in a double deal worth over £10m.

The independent wealth management businesses, with offices in Maidenhead and Farnham, have over £200million of funds under management and their acquisitions were completed within six months of joining as Succession Member Firms.

Lewis Chambers managing director, Mark Stokes, said: “Succession has an excellent proposition and has delivered on all its promises.

“The valuation at £10million 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.

“No other consolidator or national IFA firm came close to Succession’s deal, with a capital event now and ongoing reward and recognition. Plus there are many added-value benefits to being part of a larger group.”

Simon Chamberlain, group chief executive of Succession, said: “Lewis Chambers and Plan4Wealth joined Succession with a clear agenda for acquisition. Already in fantastic shape and a great fit for our model, we made the acquisitions in record time - within just six months of them joining as member firms.

“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.”

Last year, Succession secured an investment package of over £25 million from HSBC and its existing shareholders (including Inflexion Private Equity) to accelerate its growth strategy through the acquisition of the best 50 firms from its affiliated membership by the end of 2017.

Succession stated that its national wealth management and platform business has £4.5bn of funds under management with a further £8bn in the back books of Succession’s affiliated membership.