Management Buyout for Financial Planning Firm
A Tavistock firm of chartered financial planners has benefitted from a management buyout with five new shareholders being brought into the business.
Hansford Bell, an established firm with 15 members of staff and a 20 year history, has modernised its board with five new members buying into the business. The two founding directors have stepped down, with one retiring and the second continuing to work on a consultancy basis.
The management buyout, which was advised upon by GA Solicitors, brings a young and dynamic team to the board who plan to expand the business and continue to grow its already substantial client base. The new board is led by majority shareholder, Chris Palmer, who has been with the firm since 2012. Chris was also the firm’s managing director for two years.
Commenting on the buyout, majority shareholder Chris Palmer, said: “I have worked alongside founding directors, Steve and Nikki Marker, for nearly a decade. They have built a sound business and, with a new and motivated team in place, we hope to build on this success and grow the business and expand our reach. We will not, however, lose the core values which are in place. We will continue to provide a bespoke service to our clients with the highest levels of client care. With his decades of experience, we are also delighted that Steve will continue to work alongside the team on a consultancy basis.
“This was a significant investment and a complex matter. The commercial team at GA Solicitors proved invaluable from start to finish. James and Serena guided us through the process and were on call whenever they were needed. We couldn’t have asked for more.”
James Peterson, partner and the company commercial solicitor who advised on the acquisition, added: “Hansford Bell is an established business with a loyal and growing customer base. We were delighted to aid Chris and the other new shareholders on the purchase and to guide them through the various stages. There were three parts to the business which meant three acquisitions in one from a legal perspective. With strict timescales in place we worked hard to meet the desired deadline and keep all parties happy.
“It was a successful completion, helped by the friendly and supportive relationship between the original directors and the new board coming to the fore. We wish them the best of luck in taking the Hansford Bell name forward.”
There are now six directors of Hansford Bell. Chris Palmer (managing director), Becky Adams (financial planning director), Ross Biddiss (financial planning director), Emma Jones (financial planning director), Janine Palmer (HR director) and Gemma Grice (operations and compliance director).
Note to Editors
GA Solicitors can trace its roots back more than 200 years and has been advising the people and business in the South West for its duration. Originally based in Devonport, the firm gets its initials from Thomas Husband Gill who joined the practice in 1875 and later went into partnership with Albert E. Akaster.
Now one of the region’s leading law firms, the 78-strong team at the Lexcel-accredited LLP, has offices in both Plymouth and Bath. It is ranked in The Legal 500, Chambers UK and Chambers High Net Worth and is structured around eight practice areas, each comprising its own specialist department:
For more information visit: www.GAsolicitors.com