Fundraising deal completed for retirement and equity release advisor

A retirement and equity release specialist is set for growth following completion of fundraising advised on by a Sheffield-based corporate finance business.

My Money Expert, (MME) trading as My Pension Expert, was advised by Castle Square Corporate Finance. Legal advice to MME was provided by James Garner at Addleshaw Goddard in Leeds, with management advised by Michael Keen at Lupton Fawcett.

Since formation in 2010, the Group has established a telephone based, advisory service supporting over 3,000 clients per annum.

Operating from its town centre offices in Doncaster, My Money Expert provides independent financial advice to clients in respect of both at retirement pension and equity release options.

Andrew Megson, the company’s executive chairman, brings with him over 35 years of experience in the financial services sector and led a Management Buy Out in February 2020.

Following the MBO, monthly turnover has increased by over 50%. Management identified a funding requirement to support the growth strategy and through the advice of Castle Square identified BNP Paribas-backed Caple as the preferred funding partner.

Megson said: “The facility will allow MME to accelerate its growth plans into the “at and in retirement” demographic.

“The organisation has been able to meet the surge in demand throughout the COVID-19 lockdown, never has the need for advice been so important.

“Castle Square’s corporate advice and Caple have both been exceptionally professional and supportive throughout this due diligence process and moved swiftly to offer, despite the wider environment.

“The ability to utilise the Caple technology platform throughout the process ensured a streamlined and consistent approach.”

Director, Steve Bell and Connor Marshall from the Castle Square Team advised the company on the transaction.

Bell said: “The funding package offered by Caple will provided the financial security which will allow management to accelerate the growth plan.

“Management has built a robust operational model that has delivered exceptional results during the current Covid crisis, emphasised by the significant improvement in both turnover and profits.

“The team at Caple recognised the significant opportunities presented by My Money Expert and worked to deliver a facility that provides the long term funding to develop the business.”

European funder, Caple, specialises in providing funding growth capital for European businesses, as an alternative to the traditional debt and equity markets.

Sean Brophy, Caple UK country manager, said: “Andrew and the team at My Money Expert have a proven track record and great opportunity to scale up the business in short order.

“However, being a people-focused, asset-light business presented a problem in raising appropriate long-term debt financing.

“The team at Castle Square did an excellent job in translating the story of the business into the Caple technology platform which allowed us to provide the loan in an efficient manner without the need for any third party due diligence and on a fully unsecured basis.”