The Money Group is raising capital to fund its growth and acquisition strategy.
The mortgage broker group has announced it is intending to sell equity and raise money internally through a private placing.
TMG is looking to raise at least £250,000 in what it said could be the first of many share placements to help the business expand.
Scott Thorpe, director and co-founder of TMG, said: “The existing brands have regularly asked whether they could invest in the TMG brand. This now gives them that opportunity while helping TMG accelerate its growth.
“All monies raised will be reinvested directly into ongoing and future projects that we are currently assessing. This round of funding should see us with £1m in available funds across the group which we believe gives us the platform we need to grow with confidence.”
Mr Thorpe continued: “We have a very clear vision of where we want to go and this will include acquisition of businesses and developing our own lending proposition. We also have some great development plans to help support our current and new firms as they themselves prepare for their own growth.”
The opportunity will be open to existing TMG brands and advisers, as well as businesses that are currently in the process of joining the group.
Martin Stewart, director and co-founder of The Money Group, added: “We now want to move the business forward at pace and we are under no illusions that building scale requires resource.
“We have funded the business throughout from our own pockets but from day one our main business focus has been one of collaboration and we are now about to put that firmly into practice.”
The news of TMG’s capital raising plans comes after the company announced it was launching a mortgage club in March.
chloe.cheung@ft.com
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