Pareto owners buy former Davenham HQ
THE PARTNERS behind financial planning consultancy Pareto have bought the former headquarters of distressed asset finance firm Davenham.
John Stevenson and George Chantry, both partners in Pareto Financial Planning, have bought the 4,500 sq ft premises at 6-8 St John Street in Manchester for an undisclosed sum through their vehicle, Pareto Properties.
Tony Woolley, the former tax partner of Campbell Woolley, has also invested in the property and will run his new venture, Pareto Tax & Wealth LLP, from the building.
“We’ve been in since September.” Stevenson told The Business Desk. “We’re now planning a complete refurbishment.”
The firm, which specialises in advising high net-worth clients, had previously shared space with corporate finance firm Ford Campbell and accountants Campbell Woolley that was sub-let from law firm Halliwells at its former Spinningfields headquarters but had to relocate in the wake of its collapse.
It took on temporary space but Stephenson said that the partners took a decision to buy when they were introduced to the property by by Alex Russell of Manchester-based property consultancy WHR.
Stevenson set up Pareto Financial Planning two years ago following the sale of their previous venture, Carrwood Financial Planning, to quoted independent financial advisory group Lighthouse in 2005.
Pareto currently employs 15 staff but Stevenson said that he plans to recruit one more before the end of the year and two in the early part of 2011.
“This is a fantastic next step for us and says a lot about where we are going as a firm.
“St John Street has a reputation for attracting quality, professional organisations and we feel very proud to become a part of that.”
It has subsequently sub-let part of the space to GunnerCooke, the new legal practice set up by the former head of Hill Dickinson’s corporate practice, Darryl Cooke.
“There was an existing relationship there and we’ve worked with Darryl on a number of deals in the past,” said Stevenson.
Debt funding for the property purchase was provided by Royal Bank of Scotland.
Melvyn Levene, a Business Development Director at the bank, said: “John and George have established Pareto as a successful business in a relatively short space of time.
“We are happy to support their future plans by helping them acquire their own property.”