Furnley House buys Midlands-based advice firm

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Furnley House buys Midlands-based advice firm
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Furnley House, an advice firm which is part of the Superbia Group, has bought East-Midlands based CDG Financial Services with backing from Shawbrook Bank.

Located in Leicester, Furnley House employees 42 people and provides financial advice, fund management, and investment research services to its clients.

Shawbrook Bank was chosen to provide backing for the deal in part because of its desire to continue the relationship beyond the acquisition with a long-term partnership, Furnley House said. 

The deal, which completed on December 7, is worth £3.9mn.

The initial funding will be used to refinance the group’s existing debt and provide funding for the acquisition of CDG, Superbia said.

Furnley House will then be provided with additional funding for a further IFA acquisition expected in the first quarter of 2023.

Commenting on the purchase, Furnley House managing director, Stefan Fura said the partnership with Shawbrook has been “vital to support Superbia Group as it enters a new era of expansion”.

He added: “Shawbrook’s ability to quickly onboard us and provide a line of credit made them an obvious choice when assessing possible lenders”.

Shawbrook director of corporate lending, Steve Armstrong cited Furnley House’s history of acquisitions as a positive contributing factor to the deal. 

“With a strong presence in their market already and strong ambitions for the future, we’re looking forward to seeing and supporting their journey,” Armstrong said.

Superbia Group was formed in 2019 and currently has approximately £450mn of assets under influence.