Cullen Wealth receives multi-million loan for management buy-out

Cheshire-based Cullen Wealth has received a £4m loan from OakNorth Bank in order to fund a management buy-out.

Chief executive Richard Cullen is leading the buy-out from its non-operational shareholders. The chartered firm has over £1bn in assets under management and around 3,000 clients.

Mr Cullen commented: “Since our launch over two decades ago, we’ve had strong ambitions of growing a business that provides outstanding advice and service to clients.

“The funding from OakNorth Bank will allow us to continue scaling the business further through potential acquisitions, as well as by strengthening our investment offering, helping us to build more long term relationships with our clients.”

Stewart Haworth, director of debt finance at OakNorth Bank, added: “With the financial advisory sector set for significant growth over the next five years, driven by increased confidence levels and overall wealth, as well as an ageing population and a rise in workplace pensions, Richard and his team are in a perfect position to capitalise on this tailwind.

“We’re delighted to have been able to support such a well-renowned and established financial advisory firm and look forward to watching their growth story going forward.”

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