Acquisitive national adviser Bellpenny is putting 51 jobs up for consultation, with potential redundancies centered around the operations team.
There are 140 such back office staff, but a statement noted that the final number of staff to leave is likely to be a lot less than 51.
The only two offices affected are Reading and Birmingham, the former being Bellpenny’s head office where the largest number of employees are based and therefore the majority of redundancies are expected.
Bellpenny’s chief executive Nigel Stockton explained the changes are a consequence of having acquired and integrated 32 advisory businesses in the past three years, including 10 in the last 10 months alone.
The latest double deal came last month, bringing combined funds under management of more than £150m and more than 500 active clients.
Mr Stockton commented this has been a huge operational task, requiring a substantial back office team.
“It should be no surprise that, now we’re a more mature business, the shape of our organisation needs to adapt to our future needs – especially given that we’ll be acquiring fewer, but larger, businesses moving forward.
“The only area of the business affected by these planned changes is the operations team and we are in fact actively recruiting in several other parts of the organisation.”
The former Countrywide financial services director took over as chief executive in September, replacing Kevin Ronaldson, who became founder director.
He promised to turn Bellpenny into a truly national firm, with no anticipated slowdown in the rate of acquisitions.
peter.walker@ft.com
