Former Personal Finance Society President Sharon Sutton has sold the Isle of Man Financial Planning firm she founded in 2000 to Jersey-based expanding firm TEAM Plc for up to £2.5m.

Thornton Chartered Financial Planners has assets under advice (AUA) of £121m and approximately 180 client groups.

In the year ended 31 March, Thornton generated unaudited revenues of £750,000, made profit before and after tax of £220,000 and had unaudited net assets of £400,000.

Sharon Sutton, managing director, said: “I’m excited to share our recent decision to develop a succession plan to ensure the continued success and growth of the company.

“As the founder, I have proactively sought a suitable partner to carry forward Thornton’s legacy, focusing on long-term partnerships and acknowledging the passage of time.

“Throughout the discussions, it became evident that TEAM plc genuinely shares Thornton’s interest and dedication to clients, making them our ideal partners. Several factors influenced this decision, including TEAM plc’s specialisation in working in the Crown Dependencies, its strong growth plan, and the resources available as a public company.

"This strategic partnership marks TEAM plc’s entry into the Isle of Man market and underscores its commitment to expanding Thornton’s regional presence.”

As part of the agreement Ms Sutton will remain actively involved in the business during the transition period while the firm searches for a successor from within the Financial Planning community.

Ms Sutton has more than 35 years’ experience working in financial services including senior roles at Thornton, Marsh and Barclays. She is a Fellow of the Personal Finance Society and was chairman of the Isle of Man Region from its inauguration until 2012. She was the President of the Isle of Man Insurance Institute for the year 2011/12 and was appointed President of the Personal Finance Society for the year 2017/18.

She was awarded the Chartered Insurance Institute's Award 'Building Public Trust in Life and Pensions in 2019 for her work in leading the PFS Financial Planners Practitioner panel (2017 to 2020).

She is a keen cyclist and competed in the 2002 Commonwealth Games. She was also a member of Isle of Man Sport for 12 years.

Matthew Moore, chief financial officer of TEAM Plc, said: “In the Isle of Man, Thornton has been at the forefront of Financial Planning to help its clients manage, protect and maximise their wealth. In doing so, it has built a strong reputation across the island.

“The acquisition is a natural extension into the Isle of Man from our base in Jersey and matches our strategy to build a new wealth, asset management and complementary financial services group with a focus on the UK, Crown Dependencies and International Finance Centres.”

TEAM Plc is a wealth, asset management and financial services group which has been acquisitive since coming to market in 2021. Thornton Financial Planning is its sixth acquisition and increases TEAM Plc's total AUM to more than £850m. Its revenues for the six month period to 31 March were £1.9m.

• In an earlier version of this report Ms Sutton's first name was incorrectly reported. This has now been corrected. Apologies for the error.