Threesixty has sold its 15 per cent stake in Sense to the network and support services firm’s commercial director Steve Young.
Threesixty managing director Phil Young has stepped down as a director of Sense as a result of the deal.
Sense managing director Tim Newman (pictured) says: “Sense commercial director Steve Young has completed the purchase of the Sense shares held by Threesixty.
“As a consequence of the transaction, Phil Young will no longer be a director of Sense and he leaves with our thanks for his wise counsel and guidance. Our relationship with threesixty remains extremely strong and they will continue to supply us with high quality compliance support in the future.”
Sense says it will not be disclosing the terms of the buyout.
Threesixty bought its stake in Sense in January 2008, after the network was set up by Park Row founder Tim Newman in 2007.
Threesixty managing director Phil Young says: “We originally invested in Sense a long time ago when Sense was a small company. At the time there were also suggestions from the FSA there might be issues around capital adequacy requirements for directly authorised firms. Our reasons for originally investing and Sense’s reasons for wanting us to be on board are no longer there.”
In October threesixty acquired a 25 per cent stake in outsourced paraplanning business The Timebank.