Skilled companies agency plans enlargement with funding from Santander UK

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Accountancy {and professional} companies group Sedulo has unveiled plans to broaden within the wealth administration sector after switching its day-to-day banking to Santander UK.

Santander UK has offered Sedulo with a £2.85m funding package deal, together with a three-year revolving credit score facility, to help the Manchester-headquartered enterprise’ development plans.

The funding helps Sedulo’s plans to construct out its wealth administration enterprise within the UK over the following few years by buying small wealth administration corporations and taking up board established impartial wealth managers. It’s centered on strengthening its wealth administration market share within the North of England and London.

Initially based in Manchester in 2009 as an accountancy agency, the enterprise aspires to be a one-stop-shop within the provision {of professional} companies to SME purchasers. It has grown to supply a variety {of professional} companies together with accounts, audit, company finance, forensic accounting, funding, mortgage recommendation, payroll, tax together with analysis and improvement tax aid – and wealth administration.

It now employs a workers of 160, has workplaces in Manchester, Liverpool, Leeds and London, and has a portfolio of some 2000 purchasers ranging in dimension from SMEs to giant corporates.

The enterprise is rising steadily, attaining an annual income of £10.5m within the yr to October 2021, up from £8.5m in 2020, and is focusing on income of £14.3m this yr.

Paul Cheetham, managing associate at Sedulo Group, mentioned: “As a serviced-based organisation with double-digit natural development, we’ve moved our banking to Santander UK due to its partnership method to working with us and talent to satisfy our working capital wants.

“Our development plans embody acquisitions within the monetary planning sector and Santander UK has offered a pre-approved rolling credit score facility to help with the funding of our acquisition technique.”

Sam Galt, relationship director at Santander UK mentioned: “Sedulo is a challenger and disruptor amongst mid-market skilled companies corporations and it has an thrilling future stuffed with development and enlargement. We’re happy to supply it with this funding package deal to assist it obtain its strategic acquisitions technique within the wealth administration sector.”

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