Hargreaves Lansdown finance chief to step down as £5.4bn takeover looms
The chief financial officer of Bristol-headquartered wealth management firm Hargreaves Lansdown has announced she will quit as soon as its £5.4bn acquisition has been completed.
Amy Stirling, who has been in the role for three years, will step down from her role at the UK’s biggest investment platform when it is taken private by a international consortium next week.
In a London Stock Exchange announcement, Hargreaves Lansdown said Ms Stirling had informed its directors of her decision following the sanction of the scheme of arrangement by the court and planned delisting of the firm on 25 March.
The private equity consortium, which is made up of CVC Capital Partners, Nordic Capital and Abu Dhabi Investment Authority, has said it “does not intend to carry out any changes in the location or HQ functions of HL’s Bristol headquarters”.
The firm, which employs around 2,400 people – many of them based in its showpiece office on Bristol’s Harbourside, pictured – agreed to the approach last October.
The firm said recruitment of a new chief financial officer was underway and Ms Stirling would remain with the business through a transition period to ensure continuity and to provide sufficient time for a successor to be appointed and a thorough the handover.
Hargreaves Lansdown chair Alison Platt said: “HL has seen tremendous change over the course of the last three years, throughout which Amy has steered the business with a steady hand, driving our performance and transformation, with a focus on building relationships with investors and all our stakeholders alike.
“As we transition from public into private ownership, I would like to thank Amy on behalf of the board for the very significant contribution she has made. We understand her decision to step down and on behalf of the board.”
The sale of the firm – the UK’s largest savings and investment platform and biggest retail stockbroker, with almost 1.9m clients and £155.3bn of savings and investments – brings to an end a drawn-out takeover saga.
An initial offer was rejected, leading to further discussions last summer. Talks were extended twice and the approach was only accepted on the final deadline day set for the consortium to make an offer
It will trigger another massive payday for the firm’s co-founders Peter Hargreaves and Stephen Lansdown, who at the time of the approach still held stakes worth almost 20% and 5.7% respectively.
The pair famously launched the firm from Peter Hargreaves’ bedroom in Clifton in 1981, employing just a part-time secretary.
After spectacular growth it floated on the London Stock Exchange in May 2007.
Its huge success not only made it a major player in the UK investment market but also a lynchpin of Bristol’s financial services sector.
Mr Hargreaves stepped down as managing director in 2011 but remained as an executive director until 2015, effectively being the company’s figurehead as well as a major shareholder.
Stephen Lansdown, who is probably as well known in Bristol for his involvement with Bristol City FC as with Hargreaves Lansdown, stepped down from the board in 2012.
