Perspective announces further fund raising
The facility was raised from Perspective’s long-term banking partners, Lloyds Bank Wholesale Banking and Markets in Manchester, and will be used to fund further acquisitions and help drive its growth strategy.
Perspective Financial Group is currently one of the Top 15 UK IFA groups by revenue size. It operates out of 20 offices and employs over 220 people. The group’s annualised turnover is now in excess of £23 million, with over £2 billion of assets under management.
Commenting, Damian Keeling, managing director of Perspective Financial Group Ltd, said: “We are pleased to announce this further round of finance raising activity that provides £3.5 million to Perspective in order to fund both future acquisitions and the ongoing organic growth of the group.
“Perspective has always had a very strong backing from both our funders, Lloyds Banking Group and Mosaic Private Equity. The continued commitment from Lloyds Bank Wholesale Banking and Markets with this new facility is a further vote of confidence in what we are achieving here at Perspective.
“We presented a three-year business plan to the bank and its strategic debt team has developed a strong funding package that will help us achieve the initial aims and objectives set out in that document.
“Throughout 2011 we added a number of IFA practices to the overall group and there are likely to be further acquisitions throughout 2012.
“We are fully committed to the provision of quality advice and we are well ahead with our offices’ preparations for the Retail Distribution Review.
“This year is clearly an important one, not just for Perspective, but the entire IFA sector and we are confident we have everything in place in order to achieve our ambitions and to continue to deliver shareholder value in the future.”