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True Potential put up for sale

National advice group and platform True Potential is up for sale, according to Sky News.

True Potential put up for sale

National advice group and platform True Potential is up for sale, according to Sky News.

According to the report, the Newcastle-based business has hired independent global advisory and asset management firm Perella Weinberg Partners to manage offers from any interested parties. 

The business, which employs over 250 people and has over £52 billion of client assets under administration, is owned by 739 individual partners. A minority stake is held by American private equity firm FTV Capital, which invested in the business in 2016.

In 2017 the company recorded a £99 million turnover, along with group profits of £24 million. 

A spokesperson for True Potential said it was 'inevitable' there would be acquisition interest in the company in the wake of these results.

'2017 was an exceptionally strong year for True Potential and that performance has accelerated throughout 2018, in an industry that is also growing fast,' they said.

'It is inevitable that there would be interest in the company. True Potential has appointed Perella Weinberg Partners to consider and advise on the domestic and international interest that has been shown in us.'

True Potential was founded in 2007 and is run by managing partner David Harrison. He previously founded and ran IFA network Positive Solutions.

True Potential was recently in the news after deciding to drop outsourced technology provider SEI to launch its own in-house platform instead.

It has also recently said it plans to use blockchain technology to build the new investment platform, which is due to launch in the next year or so.

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