A Chartered Financial Planners has made its first major appointment as it targets growth following a management buyout.

Johnston Financial, based in Edinburgh’s New Town, has appointed Steve Rowntree as a Financial Planner.

He joined from Carbon Financial where he has spent 12 years.
 
Rowntree’s move to Johnston Financial came as the firm completed a two-year MBO, which will see founder and chairman Adrian Johnston relinquish his remaining 27% in the company as he winds down to retirement.
 
Meanwhile, the management team said the timing was “crucial” with Mr Rowntree joining the firm, which recently added 1,000 sq ft of floorspace to accommodate its expansion plans.

Managing director John McArdle said: “This is a stellar appointment for us and the timing couldn’t be better.

“We’d be delighted to welcome Steve to the firm at any time, but his arrival at such a crucial point is absolutely ideal.
 
“We’re already seeing a considerable upswing in growth and with me becoming MD and taking on a more strategic role, having someone of Steve’s calibre to work with our clients is extremely pleasing. I’m sure our clients will be every bit as delighted with this appointment as we are.”
 
The firm, which was founded in 1987, currently has a 2000-strong client base and more than £420m of assets under management.
 
It recently announced its MBO would be completed in October.

The firm now has plans to double in size within five years, with a target of reaching £1bn of assets under management.
 
Mr McArdle, who joined the firm in 1997 as a Financial Planner, will own 90% of the company after the MBO.

Co-director Suzanne Gay will own 10%.
 
He added: “The decision to add an extra 1,000 sq. ft of floor space to our Northumberland Street offices, ensures that we will have the right environment, the right offering and the best possible team to help us realise our growth ambitions.
 
“We had our eye on Steve for a while as the perfect fit for Johnston Financial and he couldn’t be joining us at a better or more exciting time.

“We want to be known as a place where talent can thrive.”
 
Mr Rowntree said: “Opportunities like this come along infrequently, so I’m delighted to be grabbing it with both hands.

“The changes happening at Johnston Financial are very exciting.
 
“This is a highly-respected, well-established company with a talented and ambitious team and I am looking forward to being part of the expansion plans and the next chapter.”
 
Earlier this year Johnston Financial appointed Financial Planner Will Bleasdale, who also moved from Carbon.

Johnston Financial now has an 18-strong team.