CompaniesMay 5 2023

OpenMoney sale prompts redundancies and 'significant' restructure

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OpenMoney sale prompts redundancies and 'significant' restructure
OpenMoney founder Anthony Morrow

OpenMoney will enter a period of "significant" restructuring following its majority sale to entrepreneurs Will Mallard and Patrick Leahy last week.

OpenMoney founders Duncan Cameron and Anthony Morrow sold the business but retained minority holdings, with Leahy becoming acting chief executive.

The restructuring proposals – which are yet to be approved by the regulator – include plans to grow the financial planning arm of the business, organically and through acquisitions. 

In a statement, the company said redundancies among employees of the group holding company were expected.

But the trading companies and client-facing operations will not be affected by this.

Instead, OpenMoney plans to expand these and widen the product offerings.

In the statement, OpenMoney said: "The proposed corporate restructure will ensure the growth potential of its income-generating, client-facing businesses is realised by refocusing attention on those two parts of the group.

"While regrettable because of the impact on those members of staff whose roles will be made redundant, the new majority owners believe the restructure is essential if the business is to fulfil its potential for stellar growth."

OpenMoney has not provided details on Mallard and Leahy, but the former is reported to be a "social impact investor" while the other is reported to be the founder of financial wellbeing app Elva.

Until the regulator approves the restructuring plans, clients will be unaffected.

Morrow rejoined the board of OpenMoney, the fintech company he founded back in 2016, in January 2023, after stepping away from the organisation a year ago. He said this was to look at strategic options for the business including ongoing funding. 

After six years at the helm, Morrow stepped back from his chief executive role in November 2021. But he returned to provide “ongoing strategic advice and counsel” as a non-executive director.

Morrow set up the Manchester-based digital advice business alongside founder and friend Duncan Cameron.

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