Shackleton Expands its Presence in the South West with the Acquisition of the Chetwood Group

Shackleton Advisers Limited (“Shackleton”) is pleased to announce the acquisition of the Chetwood Group, further strengthening its presence in the South West as part of its ongoing nationwide expansion.

The Chetwood Group consists of Chetwood Wealth Management, Chetwood Investment Management, Chetwood Private Wealth, Ermin Fosse Financial Management and Darnells Wealth Management. The acquisition is Shackleton’s fourth of the year and adds over £900million in assets under management (AUM), bringing Shackleton’s total assets under advice and management to just over £8billion. Shackleton also gain 45 talented staff members, bringing total staff members to around 450 nationwide.

Shackleton recently announced that it has entered into a definitive agreement for a majority investment from funds managed by Lee Equity Partners, LLC (“Lee Equity”). Lee Equity will succeed Shackleton’s current private equity investor, Sovereign Capital Partners (“Sovereign”) who first invested in Skerritts, one of Shackleton’s founding firms, in March 2021. The transaction remains subject to regulatory approval.

Since Sovereign’s investment, the business has undertaken 18 strategic acquisitions to expand its footprint across the UK and establish itself as a leading, nationwide financial advice group with a presence in major towns and cities across the country. Lee Equity’s investment will support Shackleton’s strategic ambitions as it continues to capitalise on strong organic growth momentum and opportunities arising from industry consolidation.

This deal marks the nineteenth transaction completed by Shackleton since Sovereign’s initial investment.

Paul Feeney, Chief Executive Officer of Shackleton, said “At Shackleton, we bring together the most respected, professional financial advice practices and unite them under one approach and one set of values and I am really pleased that Chetwood Wealth Management and all group firms are joining us to strengthen our presence in the South West. I have been working with Mark, George and Richard closely over the last couple of months and I am excited about the wealth of experience and expertise they will be bringing to our team.”

Mark Pendarves, Executive Chairman, Chetwood Group said: “Our journey has brought us to a stage where further growth and evolution require significant investment in technology and infrastructure. As a privately owned family business, we’ve made the thoughtful decision to join a like-minded organisation that shares our values and commitment to excellence. Becoming part of the Shackleton Group enables us to continue doing what we do best, while drawing on wider expertise and resources to deliver the highest standards of service to our valued clients.”

About Shackleton

Shackleton is bringing together some of the UK’s most respected and well-established financial advice firms under one forward-thinking group, built on shared values, a unified service approach, and a fair, transparent fee structure. With a strong nationwide presence, Shackleton is committed to providing high-quality, trusted financial advice across the country, at a price people can afford.

About the Deal

Buyside assistance was provided by BDO (Financial & Tax), TCC (Regulatory) and Pinsent Masons (Legal)