Eight shareholder employees have carried out a management buyout at Yorkshire-based advice company Informed Financial Planning (IFP).
Founder and owner of Kevin Ferriby is selling the majority shareholding to the employees over a period of time through a share scheme to ensure the longevity and continuing independence of the business.
Ferriby, who started IFP in 2004, will continue in the short term as managing director and will retain a minority stake, before moving to the position of chairman.
The employees involved with the buyout are: chartered financial planners Gregg Crawford, John Copsey, Darren Goodall, Josh Richardson and Joe Sanders; head of business development Jessica Crawford; head of compliance and technical Anjeanette Kemp and head of finance and operations Sarah Williams.
The company has offices in Hull, Leeds and Barnsley.
Keep independent status
Ferriby said: “We have structured it to enable the people involved in the success of the business to take it forward, protecting our clients’ interests and retaining the spirit of the company. Nearly all of them have trained with us and risen through the ranks.
“Most competitors in similar positions have sold to larger corporations who are part of a network and therefore have lost their independent status, and I did not want this to happen. I am proud of what has been achieved, and of the team who make IFP what it is today.”
A newly established board of directors will be announced in April.
