A financial services firm in Birmingham has bolstered its ownership structure following a management buy in.
Directors Ian Butler and James Vickers have both taken equal shares in Margetts Wealth Management.
The duo, who have been with the Jewellery Quarter-based practice for more than 20 years, join current owner Kevin Smith at the helm in a move which ensures the business remains independent and owner managed.
The company currently manages more than £230 million of assets and funds for 350 clients, including business owners, professionals and a network of accountants and lawyers across the West Midlands.
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Three authorised advisors are supported by eight staff at the base in St Paul's Square to advise on matters such as investment, retirement, tax and corporation transactions.
Following a transition period, the new shareholders will take over day-to-day running of the business to allow Mr Smith to focus on developing new sources of revenue and acting as an ambassador for the firm in his new role as chairman.
Mr Smith said: "We've come a long way since I took over in 2012 and this deal has been in the planning for more than four years.
"Ensuring our clients get the same no-nonsense and personal advice they've been used to is a priority for me.
"Ian and James have helped shape our culture and have been an instrumental part of Margetts Wealth for over two decades themselves.
"They already had minority shares so it seemed like a natural progression for them to become equal shareholders and drive us forward in the future."
Mr Butler, who studied at Birmingham City University, added: "This is a big moment for both James and I and cements our long-term future with a business we are so passionate about. Remaining independent was a big priority.
"Our clients are used to receiving their advice and guidance in a certain way and that will continue with the new management structure."
Mr Vickers said: "The aim is to go for 20 per cent growth over the next 12 months and, with the pipeline of opportunities we currently have, that is very realistic."
