The deal

Our Corporate Finance team has successfully helped complete the combined management buyout of John Charcol and Towergate Financial Limited, providing management buy-side advice. The Towergate Financial business has since been re-branded as Wren Sterling.

Palatine Private Equity and management have invested £14m in the management buyout of the mortgage broking business, John Charcol, and the financial planning business of the Towergate Group. John Charcol is one of the UK’s leading independent mortgage brokers. It has been advising its clients on mortgage finance for residential and commercial property since 1974. Its mortgage expertise is highly regarded by its clients, business partners, the industry, mortgage lenders and the media alike. Wren Sterling is a large UK wide, independent financial advisory business, which prides itself on consistently delivering ever higher standards of advice and solutions to its clients. Wren Sterling employs 230 people, which includes over 100 advisers based in 8 regional offices providing a comprehensive footprint across the UK.

Wren Sterling is the new brand of Towergate Financial whilst John Charcol will continue to trade under the brand it has successfully built over the last 40 years. Palatine Private Equity has backed Ian Darby and the existing management team of both businesses in the deal. Ian Darby has joined as full-time Executive Chairman of the companies and will work alongside the incumbent management team. The John Charcol team is also joined by Simon Knight as CEO. Our Corporate Finance team successfully advised management on the combined buyout including both the existing management team, together with the in-coming Chairman, and new management into both businesses.

The transaction will support the financial separation of both businesses from Towergate Group and allow investment in growth and the improvement of systems, allowing the management teams to continue to deliver high quality service levels to their private and corporate clients.

‘’I am thankful for all of the team’s support and advice throughout a difficult and time-consuming process. Not only did they provide good management advice and financial modelling support on our deal, they also problem solved some of the structural issues we encountered on the wider deal. They were a valuable member of the process.’’ Ian Darby, Executive Chairman, Towergate Financial Limited.

“Simon and the team were extremely professional in providing sound advice and assistance to management, and ourselves, in completing a complex and difficult transaction.” Tony Dickin, Partner, Palatine Private Equity.