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Profit for In Partnership as it survives takeover bid by founder

Sussex-based network In Partnership says it has moved into profit three years after launch and last year saw off a takeover bid by founding director Shin Yamada.

The network, which started trading in 2000, has grown rapidly and has more than 400 individual IFA members.

A spokesman for the network says Yamada failed in an attempt to put a takeover consortium tog-ether and left the company last year.

In Partnership was set up by barrister Julian Coles and Yamada, a former Kes-trel finance director and Millfield Partnership commission buying manager.

The network has followed a policy of offering shares to members on joining which are eligible for tax relief under the enterprise investment scheme. The company&#39s charging structure is turnover-related.

The network says it is developing its multi-tie arm and is in talks with a number of providers about developing strategic alliances. In Partnership recently set up a mortgage club called In Partnership Protect.

Group executive chairman Stanley Lovell says: “The management buyout bid is now behind us and we are moving forward with an undiminished sense of purpose. Profitable trading so soon after a start-up us a real boon and is testimony that the membership and management are getting it right.”

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