South Cumbria Financial Services, a partner in national network Positive Solutions, used capital from Taylor Patterson’s group Sipp pension fund to renovate a four-storey Victorian building in Barrow, converting it into new offices for the firm and allowing Sipp trustees to rent out the remaining floors.
Graham Dacre, director at the firm, liased with Jeremy Hunt, a former Barrow resident himself now Sipp and small self-administered scheme property manager at Taylor Patterson, to get the project off the ground.
Mr Hunt said: “One of our biggest challenges was the age of the building itself, as older buildings usually require more funding to convert. As existing cash flow soon began to dry up, the Sipp trustees were in need of more money to finish the project.
“We discussed a number of options with them and discounted borrowing from the bank as they were keen to avoid unnecessary debt wherever possible. The solution was to introduce more members to the Group Sipp, which provided extra capital using the transfer values of previous pension funds.”
South Cumbria Financial Services was established 20 years ago before it became a partner firm in Positive Solutions in 2000.