It also restructures senior management line-up
The Money Group (TMG) has announced a management buyout and changes to its senior management team subject to regulatory approval.
As part of the restructure, Scott Thorpe will take over as chief executive officer and Jonathan Needham becomes managing director, while Dave Corbett remains recruitment and brand development director.
Martin Stewart, co-founder of TMG, will step down with immediate effect, but will continue in an advisory capacity to help continue the growth of the network.
“This is just the next phase in the development of the business which has enjoyed phenomenal growth over the past 12 months,” Thorpe said.
“The changes undertaken now will ensure that we can continue to develop TMG Direct, as well as our founding Directly Authorised brands. The share restructure allows us to also look at awarding equity to our existing founder partners which was something we have been looking to do for some time.”
Stewart acknowledged that the change is “a good move all round for TMG.”
“Sometimes founders can end up getting in the way of the business they helped create in the first place. The restructure gives the group room to continue its expansion plans without distractions and allows me to maintain a significant shareholding,” he said.
“I look forward to continuing to help Scott and the rest of the management develop TMG into one of the best distribution companies in the industry.”
The advice network contains 130 advisers and is on target to submit £1 billion of mortgage applications for 2022.