Sedulo planning for expansion in wealth management following £2.85m funding deal
Manchester-based financial services firm, Sedulo, has received £2.85m from Santander UK to expand in the wealth management sector.
The funding follows the accountancy and professional services group switching its day-to-day banking to the UK arm of the Spanish banking group.
Santander’s package includes a three-year revolving credit facility, to support Sedulo’s growth plans which will see it build out its wealth management business in the UK over the next few years by acquiring small wealth management firms and taking on board established independent wealth managers.
It is focused on strengthening its wealth management market share in the North of England and London.
Originally founded in Manchester in 2009 as an accountancy firm, Sedulo aspires to be a one-stop-shop in the provision of professional services to SME clients.
It has grown to offer a wide range of professional services including accounts, audit, corporate finance, forensic accounting, funding, mortgage advice, payroll, tax – including research and development tax relief – and wealth management.
It now employs a staff of 160, has offices in Manchester, Liverpool, Leeds and London, and has a portfolio of some 2,000 clients ranging in size from SMEs to large corporates.
The business is growing steadily, achieving an annual revenue of £10.5m in the year to October 2021, up from £8.5m in 2020, and is targeting revenue of £14.3m this year.
Managing partner, Paul Cheetham, said: “As a serviced-based organisation with double digit organic growth, we have moved our banking to Santander UK because of its partnership approach to working with us and ability to meet our working capital needs.
“Our growth plans include acquisitions in the financial planning sector and Santander UK has provided a pre-approved rolling credit facility to assist with the funding of our acquisition strategy.”
Sam Galt, relationship director at Santander UK, said: “Sedulo is a challenger and disruptor among mid-market professional services firms and it has an exciting future filled with growth and expansion.
“We are pleased to provide it with this funding package to help it achieve its strategic acquisitions strategy in the wealth management sector.”