Moneygate gets cash for buyout bids
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Moneygate Group has secured new funding in a bid to buy out investment partner MGT Capital Investments.
It says it has strengthened its position with “a new and substantial funding line” made available to the firm. MGT has been able to close the first loan facility made available to the company for acquisitions.
In March, Moneygate revealed it was looking to grow its IFA network from 75 to 750 advisers over four years after a significant capital injection from MGT. Moneygate bought Buckinghamshire IFA firm Beacon Asset Management in June, adding £90m to its funds under management.
Moneygate was interested in acquiring IFA network A20 earlier this year after it was placed into administration but the deal did not complete.
Chief executive Lee Hartley says: “We now have the capital which allows us to leverage our position and deliver on several M&A projects we have in play.”
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