OakNorth Bank completes £4m loan to Cheshire-based financial advisory firm

By Bridging Loan Directory 15th March 2021

OakNorth Bank – the UK bank powered by OakNorth – has completed a £4m loan to Cullen Wealth, one of the largest independently owned financial advisory firms in the UK, to support a management (non-operational) buy-out.

Founded in 1998 by Richard Cullen, the firm provides independent financial planning advice to both individuals and businesses, focussing on delivering a compelling proposition and sound financial decisions.

Headquartered in Heaton Mersey, Cheshire, the firm now has over 3,000 clients and over £1bn of assets under management. Client investments continue to show resilient performance compared to benchmarks and peers, despite COVID-19.

The company was also awarded Chartered status by the Chartered Insurance Institute (CII) – the industry’s gold standard – for its technical knowledge, competence and ethical behaviour.

Richard Cullen, Chairman and CEO, Cullen Wealth, said:

“Since our launch over two decades ago, we’ve had strong ambitions of growing a business that provides outstanding advice and service to clients.

It therefore makes me hugely proud that we’re now one of the leading independent financial advisory practices in the UK, helping individuals and businesses better their financial outcomes over time.

The funding from OakNorth Bank will allow us to continue scaling the business further through potential acquisitions, as well as by strengthening our investment offering, helping us to build more long term relationships with our clients.”

Stewart Haworth, Director of Debt Finance at OakNorth Bank, added:

“Richard is an industry stalwart who has deep-rooted experience of over three decades in the financial advisory space.

It is this level of experience, coupled with the hugely talented team around him, that has allowed Richard to build such a positive reputation for Cullen Wealth across the North West.

With the financial advisory sector set for significant growth over the next five years, driven by increased confidence levels and overall wealth, as well as an ageing population and a rise in workplace pensions, Richard and his team are in a perfect position to capitalise on this tailwind.

We’re delighted to have been able to support such a well-renowned and established financial advisory firm and look forward to watching their growth story going forward.”