The buy out was lead by John Pearson, the company’s managing director and sees founder David Cole transferring equity to the new team of 10. However, he will retain a majority stake in the business and continue as chief executive.
Pearson said: “This is a fantastic opportunity for the new stakeholders to share in the future success of this very dynamic business. Our growth this year has been nothing short of phenomenal with June’s completion figures up over 100% on January’s. Each month this year we have seen record levels of new business in all the areas of our business.”
Trustguard’s main business activities are packaging mortgages, secured loans and commercial mortgages; it also runs an AR network and has a national network of satellite packagers.
David Cole established the company in 1994, its head office is located in Cardiff and it has a franchise office in Manchester.
Cole said: “This move is all about rewarding the key people in our business and locking in that talent for our next stage of growth, ensuring the very highest levels of service to all our customers. This move will not effect the way we work with our customers and business associates.”
