Refinancing deal completed for retirement advisory specialist
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Doncaster-based My Money Expert Limited – trading as My Pension Expert – says it is poised for another period of growth, following completion of its refinancing deal, advised on by corporate finance specialist, Castle Square Corporate Finance.
Completion of the refinancing sees a £6.6m investment made by specialist debt funder, Frontier Development Capital, (FDC).
Legal advice to My Money Expert was provided by partner, Andrew Fordham, and his team at Addleshaw Goddard in Leeds, with FDC advised by Kroll in terms of financial due diligence and legal advice provided by the Manchester office of Squire Patton Boggs.
Since formation in 2010, My Money Expert has established a telephone based, advisory service supporting over 4,000 clients per annum.
Operating from its town centre offices in Doncaster, My Pension Expert provides independent financial advice to clients in respect of both at retirement pension and Investment advice.
Andrew Megson, executive chairman, brings with him over 35 years of experience in the financial services sector having led a Management Buy Out in February 2020 and the first subsequent fundraising round, in August 2020.
Following the MBO, the Group has experienced significant month on month, year on year growth in both turnover and profitability.
The growth led management to identify a further funding requirement to support the growth strategy and through the advice of Castle Square identified FDC as the preferred funding partner.
Megson said: “We greatly appreciate Castle Square’s assistance and advice with this exciting step for My Pension Expert.
“After seeing rapid growth over the previous two years, this refinancing deal with FDC will enable us to further accelerate our expansion.
“Indeed, it enables us to free up significant cashflow so we can pursue new and exciting projects – particularly within high net worth markets – in the coming 12 months.”
Castle Square Corporate Finance provided corporate finance advice to the company, advising on the funding structure, running a fundraising process, and advising on negotiations with FDC.
Director, Kevan Shaw and Bradley Green from the Castle Square Team advised the company on the transaction.
Shaw said: “Having advised the Group in its previous fundraising round, back in 2020 we are delighted, once again, to have delivered a funding package that will allow management to accelerate the growth plan.
“This talented management team has built a robust operational model that has delivered exceptional results and it was great to have seen the significant improvement in both turnover and profits that have been delivered over the last year.
“This latest fundraising round will allow them to take the business to the next level.”
The team at FDC was led by investment director Ondrej Okeke, who said: “We are delighted to have Castle Square advising on this deal.
“The growth capital and refinance package provided by FDC to My Pension Expert will support the business’ expansion plans and we look forward to working closely with Andrew and the management team, helping the company realise its long-term growth potential.”