Warwickshire-based IFA firm Beaufort Wealth Management has completed a management buyout which will see two of the founders buy out the third.

The firm was established in 2007 by Phil Hart, Ravinder Ghuman, and Ian Adey.

The MBO will see Mr Hart and Mr Ghuman buy-out co-founder Mr Adey, who will remain as a consultant to the business, the firm said.

Beaufort provides financial advice to retail and corporate clients. It advises clients on investments, non-investments, and business advice, including employee benefits, pensions, keyman insurance, partnership and shareholder protection, investments, tax, and succession planning.

Over the last few years, the business has expanded its services and expertise through acquisitions of smaller IFAs, including The Hammond Group in 2020, and Coventry Money Centre Limited in 2021.

It now has more than 900 clients and 17 employees, including six regulated advisers.

Phil Hart, co-founder and managing director of Beaufort Wealth Management, said: “We pride ourselves on the continuing service we provide to our clients, taking time to understand their individual needs and objectives, and building recommendations based on a forward-looking view.”

The MBO was enabled by a loan from OakNorth, the digital bank for entrepreneurs, which has provided Beaufort with an accordion facility. That has allowed the business to add a term loan to its existing facility to support future growth ambitions.

Chris Wall, associate director of debt finance at OakNorth, said: “Over the last 17 years, Phil, Ravinder, and Ian have built Beaufort into a strong IFA business with a solid reputation, and strong links within both the accountancy and legal communities.

“The team has successfully conducted several acquisitions in the past and are keen to do more in the future.”

OakNorth was launched in September 2015 and has since lent more than £12bn to businesses, and provided deposit services to more than 285,000 savers.