Financial advice firm Cullen Wealth has received a multi-million pound loan for a management buy-out.
The Cheshire-based firm, which is chartered, has received a £4m loan from OakNorth Bank to support the buy-out.
Richard Cullen, chairman and chief executive officer at Cullen Wealth, is leading the buy-out from its non-operational shareholders - who have not been identified.
Cullen said: “Since our launch over two decades ago, we’ve had strong ambitions of growing a business that provides outstanding advice and service to clients.”
He added: “The funding from OakNorth Bank will allow us to continue scaling the business further through potential acquisitions, as well as by strengthening our investment offering, helping us to build more long term relationships with our clients.”
Cullen Wealth provides independent financial planning advice to individuals and businesses on investments, pensions and tax planning services.
The firm, which was founded in 1998, has more than 3,000 clients and over £1bn of assets under management.
Stewart Haworth, director of debt finance at OakNorth Bank, added: “With the financial advisory sector set for significant growth over the next five years, driven by increased confidence levels and overall wealth, as well as an ageing population and a rise in workplace pensions, Richard and his team are in a perfect position to capitalise on this tailwind.
“We’re delighted to have been able to support such a well-renowned and established financial advisory firm and look forward to watching their growth story going forward.”
chloe.cheung@ft.com
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