Santander UK has provided accountancy and professional services group Sedulo with a £2.85m ($3.41m, €3.34m) funding package to help the Manchester-headquartered firm expand in the UK wealth management sector.
The deal comes after Sedulo switched its day-to-day banking to Santander UK.
The funding supports Sedulo’s plans to build out its wealth management business in the UK over the next few years by acquiring small wealth firms. It is focused on strengthening its wealth management market share in the north of England and London.
Originally founded in Manchester in 2009 as an accountancy firm, the business aspires to be a one-stop-shop. It has grown to offer a wide range of services including wealth management.
Sedulo now employs 160 staff, has offices in Manchester, Liverpool, Leeds and London, and serves around 2,000 clients.
Paul Cheetham, managing partner at Sedulo Group, said: “As a serviced-based organisation with double-digit organic growth, we have moved our banking to Santander UK because of its partnership approach to working with us and ability to meet our working capital needs.
“Our growth plans include acquisitions in the financial planning sector and Santander UK has provided a pre-approved rolling credit facility to assist with the funding of our acquisition strategy.”
Sam Galt, relationship director at Santander UK, added: “Sedulo is a challenger and disruptor among mid-market professional services firms, and it has an exciting future filled with growth and expansion.
“We are pleased to provide it with this funding package to help it achieve its strategic acquisitions strategy in the wealth management sector.”