A retirement and equity release specialist is targeting growth and completing a fundraising, supported by Sheffield-based Castle Square Corporate Finance.
My Money Expert Ltd, trading as My Pension Expert, was founded in 2010 and operates a telephone-based, advisory service supporting more than 3,000 clients per annum.
Operating from town centre offices in Doncaster, My Money Expert provides independent financial advice to clients in respect of both at retirement pension and equity release options.
Executive chairman Andrew Megson has more than 35 years of experience in the financial services sector and led the management buyout of the firm in February 2020.
Following the MBO, monthly turnover has increased by more than 50 per cent. The continued growth led management to identify a funding requirement and, through the advice of Castle Square Corporate Finance, Caple was identified as the preferred funding partner.
Megson said: “The facility will allow MME to accelerate its growth plans into the ‘at and in retirement’ demographic. The organisation has been able to meet the surge in demand throughout the Covid-19 lockdown, never has the need for advice been so important.
“Castle Square’s corporate advice and Caple have both been exceptionally professional and supportive throughout this due diligence process and moved swiftly to offer, despite the wider environment. The ability to utilise the Caple technology platform throughout the process ensured a streamlined and consistent approach.”
Sheffield based dealmaker Castle Square Corporate Finance provided corporate finance advice to the company, advising on the funding structure and negotiations with funding provider Caple.
Directors Steve Bell and Connor Marshall advised the company on the transaction. Bell said: “The funding package offered by Caple will provided the financial security which will allow management to accelerate the growth plan.
“Management has built a robust operational model that has delivered exceptional results during the current Covid crisis, emphasised by the significant improvement in both turnover and profits. The team at Caple recognised the significant opportunities presented by My Money Expert and worked to deliver a facility that provides the long term funding to develop the business.”
Sean Brophy, Caple UK country manager, added: “Andrew and the team at My Money Expert have a proven track record and great opportunity to scale up the business in short order. However, being a people-focused, asset-light business presented a problem in raising appropriate long-term debt financing.
“The team at Castle Square did an excellent job in translating the story of the business into the Caple technology platform which allowed us to provide the loan in an efficient manner without the need for any third party due diligence and on a fully unsecured basis.”
— to www.insidermedia.com