Independent financial adviser secures £115K of funding for growth
A Lancashire-based independent financial adviser company has secured a £115,000 loan to support its further expansion.
The funding from Lancashire Rosebud Finance – managed by Mercia Fund Managers – will allow True Bearing Chartered Financial Planners to create six new jobs and invest in new technology to enhance its customer service.
Based in Euxton, near Chorley, True Bearing advises more than 3,000 individuals and businesses throughout the UK and has £395m of assets under management.
The company has its own legal services arm and operates an online advice service, Bread and Butter Advice.
Founded in 2003 by founder George Critchley and original partners Michael Clarke and Mark O’Neill, True Bearing now employs 64 staff. This latest funding package follows an earlier Rosebud Finance loan in 2014, which enabled it to create 10 new jobs.
Rosebud Finance is managed by Mercia Fund Managers on behalf of Lancashire County Developments Ltd (LCDL).
Peter Rooney, investment manager with Mercia Fund Managers, said: “True Bearing has succeeded in a highly competitive sector by providing a first class service and excellent quality of advice. The company has been growing year on year. Rosebud has helped to support its growth in the past and this latest funding will allow it to continue its expansion, take on additional advisers and further enhance its service.”
Cnty Cllr Michael Green, cabinet member for economic development, environment and planning, said: “True Bearing must be providing excellent service to their customers, as they have an outstanding retention rate, which is always a strong indicator of the work they’re doing. They’re bringing highly-skilled roles to the financial sector here in Lancashire.”
