An independent advisory business looking to buy out a retiring director has been supported with a £325,000 loan from the Development Bank of Wales, via the Wales Flexible Investment Fund.
Premier Commercial Wealth Management is an FCA-authorised business providing financial advice and services to businesses across south Wales on pensions, investments and tax planning.
It was set up by former HSBC colleagues Jonathan Williams, Paul Tracey and Jeremy Reed in 2012, and has since gone on to advise businesses and manage funds for a number of providers. With the upcoming retirement of outgoing director Jeremy, fellow directors were keen to find a way of continuing the business while allowing him to step back.
Jonathan Williams at Premier said: “We were keen to look at routes to buy out our fellow director – Jeremy wanted to plan for retirement, while Paul and I wanted to carry the business on. The loan from the Development Bank has meant we’ve been able to follow the option of a buyout within the business, while doing so in a way which is aligned with our longer-term planning.
“We’re a fiercely independent business, and each of us directors have had long careers in banking and finance. We know how difficult it can be to get a loan which suits what you need, without also possibly compromising your own plans.
“But the support we had from Sally at the Development Bank was brilliant – she was first class, from start to finish, and supported us through everything we needed to do.”
Sally Phillips, Investment Executive at the Development Bank of Wales, said: “It was a pleasure to work with Jonathan and the team at Premier Commercial Wealth Management in realising their plans as Jeremy looks ahead at retirement. We’re glad to have provided them with flexible and targeted support, and wish them the best with their continued growth.
Financed by Welsh Government, the Wales Flexible Investment Fund is for deals between £25,000 and £10 million. Loans, mezzanine finance, and equity investments are available for Welsh businesses with terms of up to 15 years.
