RJD's Harrington Brooks acquires customer books in bolt-on

By taking over customers from Carrington Dean and Nostrum, financial adviser Harrington Brooks has increased its number of customers to more than 45,000. The bolt-on was in line with the company's strategy of consolidating the fragmented UK financial services advisory market.

Harrington Brooks has also appointed Richard Grainger as non-executive chairman. Grainger previously worked as chief executive and then chairman of Close Brothers Corporate Finance Ltd. He is also chairman of Ipes, a Guernsey-based fund administration services provider, which RJD acquired in August 2008.

RJD bought Harrington Brooks in a secondary buyout from Inflexion Private Equity in July 2012. The exit saw Inflexion reaping a return multiple of more than 3.1x. The company's chief executive Matthew Cheetham and finance director Terry Sweeney also increased their stakes in the business as part of the deal.

Harrington Brooks plans to move forward with an organic and acquisition-led growth strategy.

Company
Harrington Brooks is based in Sale, Manchester, and was founded in 1998 as a financial management plan provider. The company provides financial advice, financial management plans, individual voluntary arrangements and related non-lending services, including claims management to overly-indebted customers.

The company currently employs 480 people and expects a turnover of £33m for the current year. Its pre-SBO turnover was £29m and the business had 380 employees on its payroll.

People
Alex Hay is a partner at RJD. 

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