Wed, 23 Mar 2016 | MBO/MBI
A wealth management and financial planning firm based in Stoke-on-Trent has been taken over in a £3 million management buyout (MBO).
The founders of PSP Wealth Management, which started business in 2006 and provides independent financial advice, particularly in the area of occupational pension transfers, has been bought out by a team of senior managers in a lucrative deal.
Gareth Chell, Matthew Searle, Tim Vaughan and Richard Pateman pushed through the MBO, paying £3 million for the company founded by Peter Colley and Stephen Marshall, who have said they will now be exiting the wealth management firm.
Mr Searle, one of the managers, said: "This is a very exciting time for the business. We have worked very closely with Peter [Colley] and Stephen [Marshall] over the last four years as part of their succession strategy and are delighted to have completed the MBO.
"PSP Wealth Management has established an excellent reputation locally and we are focused on driving the business further forward and providing our clients with the best service.”
The Royal Bank of Scotland (RBS) provided funding for the deal, with additional support coming from Sedulo, a business and financial advisory company.
For more information on the subject of MBOs and other strategies, see what to look out for when buying a business.
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