Financial advisory completes MBO after securing loan
Beaufort Wealth Management, a Warwickshire-based independent financial advisory (IFA) firm, has completed a management buyout (MBO).
The MBO, supported by capital from OakNorth, enables Phil Hart and Ravinder Ghuman to buy out their co-founder, Ian Adey, who will continue to work with the firm as a consultant.
Founded in 2007 by Hart, Ghuman, and Adey, Beaufort Wealth Management offers financial advice to both retail and corporate clients.
The firm provides guidance on a range of services, including investments, business advice, employee benefits, pensions, insurance, tax, and succession planning.
Through lifetime cash flow modelling, Beaufort helps clients assess their current financial situation, future income, and expenditure while also considering the potential impact of future events such as inflation, investment growth, retirement, or purchasing a second property.
In recent years, Beaufort has expanded its services by acquiring smaller IFA firms, including The Hammond Group in 2020 and Coventry Money Centre Limited in 2021.
The business now serves over 900 clients and employs 17 staff, including six regulated advisers.
Phil Hart, co-founder and managing director of Beaufort Wealth Management, said: “We pride ourselves on the continuing service we provide to our clients, taking time to understand their individual needs and objectives, and building recommendations based on a forward-looking view. This is something we felt was reflected in the experience we had with OakNorth – they had an in-depth understanding of our business, our sector, and how to successfully conduct a management buy-out. Receiving this backing from OakNorth is tremendous validation for our business, and puts us in great company amongst some of the country’s greatest entrepreneurs and business leaders.”
Chris Wall, associate director of Debt Finance at OakNorth, said: “Over the last 17 years, Phil, Ravinder, and Ian have built Beaufort into a strong IFA business with a solid reputation, and strong links within both the accountancy and legal communities. This enables it to provide a seamless and holistic service in complex situations and ensure its clients’ financial plans remain on track throughout life’s ups and downs. The team has successfully conducted several acquisitions in the past, and are keen to do more in the future, so we are excited about supporting the business in its continued growth with the provision of an accordion facility.”
