Cripps Portfolio is to be acquired by its management and staff.
They have bought a controlling stake in the investment and wealth management business owned by its founders Cripps Harries Hall LLP. Cripps Portfolio demerged from the Tunbridge Wells based legal practice in 2001 and now administers over 650m of funds.
Following the buyout almost all of the firm’s 70 employees will have access to a stake in the business. 39 employees will participate dirrectly while the rest can do so through share option or share incentive schemes.
Cripps Portfolio chief executive David Lough says: “This is the next logical and strategic step for the business. It will help secure the long-term growth of the firm through retaining and recruiting the high calibre professionals we, and our clients, need.”