Wealth manager and financial adviser Verso has opened a £4m loan facility with digital bank Oaknorth to boost its acquisition of UK IFA firms.
The revolving credit facility offers Verso the potential to draw on working capital to execute its acquisition strategy.
The wealth manager has completed eight adviser firm acquisitions since launch in 2021.
Alan Mathewson, CEO of Verso, said: “OakNorth’s flexible approach and deep understanding of the wealth management and professional services sector make them a strong partner as we continue to selectively grow through acquisition. This facility provides additional capacity to support our long-term strategy while maintaining a prudent capital structure.”
Verso was formed in 2021 with backing from private equity firm Cairngorm Capital. The wealth manager offers financial advice and discretionary investment management.
It manages around £2.4bn in client assets, with over 80% of income generated from ongoing advisory and investment management services.
Mr Matthewson joined Verso from Bridgepoint in 2023 following a planned restructuring of the wealth manager’s executive team.
Everlong has a team of 12, including six Chartered Financial Planners, and advises on over £350m in client assets.
Verso is a Corporate Chartered Financial Planner (Chartered Insurance Institute) and an Accredited Financial Planning Firm (Chartered Institute for Securities & Investment), one of the few Financial Planning firms to hold both professional accreditations.
The company has acquired multiple Financial Planning firms around the country, including the Henley Financial Planning team of troubled wealth manager WH Ireland for £500,000 last February. Other acquisitions include Pavis Financial Management, CDC Wealth Management, Campbell Thomson Insurance Services.