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£3m cash injection for Lifeboat

Adviser group Lifeboat Financial has secured £3m of new funding from a private investor to help support its future growth programme.

The Telford group is believed to have secured funding from a well-known name in the insurance market but will not disclose the name until the deal has been finalised.

Following the departure of David Kitchen, Bill Wynn has taken over as chief executive.

Wynn says the funding will enable Lifeboat to reach its expansion targets more quickly and take on many more advisers. The group is aiming for a £45m overall turnover by March 2006. It says it will achieve this by recruiting more advisers and by bringing non-regulated protection firms from its non-regulated arm Simply Assured and mortgage firms into the regulated business.

From a start-up operation in October 2000, Lifeboat has grown rapidly to a £17m turnover. Since its relaunch in October 2002, the Lifeboat Financial Advisers network has grown to 150 RIs. The group also includes 1,500 agents on the non-regulated side and is establishing links with 280 other firms.

Wynn says: “This is excellent news for advisers and shareholders as Lifeboat is now in a stronger position to develop its unique proposition and realise its business plans for the foreseeable future.”

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