Cheshire-headquartered financial advice firm Cullen Wealth has received a £4m ($5.57m, €4.68m) loan from OakNorth Bank to carry out a management buyout.
Founded in 1998 by Richard Cullen, the firm provides independent financial planning advice to both individuals and businesses.
The firm now has over 3,000 clients and over £1bn of assets under management.
The terms of the management buyout were not disclosed. International Adviser has contacted Cullen Wealth for a comment but it did not reply in time for publication.
‘Potential acquisitions’
Richard Cullen, chairman and chief executive Cullen Wealth, 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.
“It therefore makes me hugely proud that we’re now one of the leading independent financial advisory practices in the UK, helping individuals and businesses better their financial outcomes over time.
“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.”
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.”
