Managing director confirms company is seeking a larger consolidator partner
Broker Lucas Fettes is looking to sell after the retirement of co-founder David Fettes.
Robin Lucas, managing director of the London-based broker, said he was ready to consider offers from large consolidators after admitting that selling “is an option”.
Fettes, who co-founded the group with Lucas and ran the financial services side of the business, recently retired after 27 years.
Lucas, who now takes overall responsibility for the company, said: “Our strategy over the next three to five years is to find a larger partner which we can consolidate with.
“We will look for someone who can take us on to the next level and give us the market clout so we can grow.”
However, Lucas said that with so much consolidation in the market already, a deal could be struck sooner rather than later. “I would not rule out anything. The most important thing is that it benefits us all,” he added.
The company has appointed Howard Cox, formerly of Baker Tilly, as managing director of financial services. He will continue the development of the company in both existing and new markets.
Fettes is no longer a shareholder, but will continue to have a consultancy role.
The group confirmed his shares were bought only by management and staff.
Lucas Fettes controls £45m in premium, and has nine offices across England and Scotland. It has recently opened a financial services office in Haywards Heath and is considering other areas in which to expand.