IFA firm Ascot Lloyd has secured a new ‘seven-figure’ funding package with Clydesdale Bank.
The amount of funding was not disclosed. The firm said that the new money will go towards funding some of the deferred consideration on the firm’s historic acquisitions, including the acquisition of The PFP Group in 2015, as well as supporting future deals. The firm has grown steadily over the last ten years, led by CEO Richard Dunbabin.
Ascot Lloyd is one of the UK’s largest independent financial advisers and provides a wide range of financial planning services for personal and corporate clients. These include protection products, investment products, pension planning and tax planning, pension administration and employee benefit services.
It operates across ten offices (including London, Manchester, Wokingham, Cardiff, Harrogate and Wolverhampton) and has over 175 staff.
Assets under management are more than £2bn.
Ian Balchin
A key driver of the deal was Group CFO Iain Balchin. He is said to have played a significant role in introducing the firm to Clydesdale Bank and joined the Ascot Lloyd Board earlier this year. He worked closely with Matthew Queripel, Senior Director, in Clydesdale Bank’s Specialist & Acquisition Finance team.
Balchin said: “Ascot Lloyd has grown rapidly over the last 2 years through significant acquisitions. As we continue our growth it is important we have a supportive bank and formal acquisition facility in place. This new facility from Clydesdale is transformational in terms of our future plans.”
Queripel said: “Under Richard’s leadership, Ascot Lloyd has grown both organically and through a series of strategic acquisitions. We look forward to supporting them at this highly significant phase in Ascot Lloyd’s development.”
