Leadership succession is a critical moment for any specialist business, particularly where deep expertise, long-standing relationships and scientific leadership are central to success.
This case study demonstrates how Phenna Group supports a planned leadership transition by backing strong management teams, providing continuity for incumbent leaders, and giving founders confidence to step back without disruption.
Background
Founded in 2010 and operational from 2011, Cansford Laboratories had grown under long-standing leadership with a clear focus on quality, specialist expertise and continuity. Senior operational leadership had been firmly embedded from the earliest days of the business. Kim Bagley joined Cansford in 2011 as Operations Director and was entrusted with responsibility for the day-to-day running of the company from the outset.
In 2019, Kim was appointed Managing Director, formalising a leadership role that had already been central to the business for many years and providing a strong foundation for long-term continuity ahead of the founders' planned retirement.
The business joined Phenna Group in May 2023, at a point where founder succession planning was well advanced and openly discussed.
A planned and well-supported transition
At the time of investment, founders John Wicks and Dr. Lolita Tsanaclis had a clearly defined plan to retire in 2024, aligned with the year of John's 75th birthday. This plan was well understood internally and formed part of a long-standing, considered approach to succession. Importantly, this transition was not reactive or uncertain – it was planned, communicated, and well-supported in advance.
Phenna Group's approach was to actively review, validate and support the existing succession plan, recognising that Kim was already leading the business operationally and that continuity of leadership was firmly in place. There was no pressure to accelerate change or impose artificial structures; instead, Phenna focused on ensuring the business was well-positioned to transition smoothly and confidently.
This approach provided reassurance not only to the leadership team, but also to employees, customers and wider stakeholders.
Continuity backed by Phenna
Operational leadership and governance remained consistent before, during and after John and Lolita's retirement, with Kim continuing to lead the business day to day, supported by a highly experienced senior team. Day-to-day management continued without disruption, underpinned by long-standing internal capability and deep technical expertise.
Where founder involvement had historically been significant, particularly in research and innovation led by Lolita, Phenna supported the business in ensuring that internal capability was recognised, strengthened and empowered. Senior team members, including James, Abbi and Maristela, were already well-positioned to continue advancing research and maintaining Cansford's scientific leadership. This reinforced confidence that specialist knowledge and scientific leadership would continue beyond the founders' involvement.
Phenna's role was not to replace leadership, but to back it.
Supportive oversight, not interference
Throughout the transition, Phenna combined trust with structure. Regular engagement through monthly meetings provided a forum for open discussion, challenge and support, while supporting Kim and the senior management team in continuing to run the business as before, with appropriate group oversight and a partnership-led approach.
This balance of experienced group oversight and a supportive, partnership-led approach was instrumental in maintaining stability during the transition period and beyond.
Performance and resilience post-transition
Under the continued leadership of Kim, the business continued to operate smoothly following John and Lolita's retirement, with no disruption to staff, customers or services. While external market factors affected revenue following the transition period, these were unrelated to the leadership change.
Crucially, the business demonstrated resilience during this phase, adapting its strategy to changing market conditions by investing in sales and marketing capability and diversifying into new sectors. This evolution was supported by Phenna's long-term investment mindset and commitment to sustainable growth.
A proven model for future transitions
This experience demonstrates how Phenna Group supports owner-managers who are planning a transition over a three-to-five-year horizon.
By validating succession plans or helping to develop them where they a
re not yet in place, backing existing leadership and providing stability at a group level, Phenna enables founders to step back with confidence, while ensuring experienced leaders like Kim Bagley are fully supported to guide the business forward.
For investors and future partners alike, this case shows that leadership succession within Phenna is planned, supported and proven.
Kim Bagley
Managing Director
Kim Bagley
Managing Director