Property purchase secures financial advisers' future in Lancaster
A firm of financial advisers has cemented its future in Lancaster with the purchase of a large period property in the city centre, with the support of Lloyds Bank Commercial Banking.Burton & Fisher was established in 2006 in Morecambe by Michael Burton and Lee Fisher, offering financial planning advice to private individuals covering investments, pensions, mortgages, insurance and wealth management.
The business had recently rented offices in Lancaster on Church Street, but decided to purchase the whole listed building when it came up for sale. It has also just taken on a new apprentice and a financial adviser to join the team of five staff in Lancaster, bringing the firm’s total headcount to 11.Lee Fisher, joint managing partner of Burton & Fisher, said: “This is a huge step for us as a firm, effectively doubling our size and solidifying our presence in and around Lancaster. It sends a clear message that we are here to stay.
“The purchase also makes us landlords for the first time to other firms in the building, diversifying our income and helping to boost our turnover by around 25 per cent.”The partners approached Lloyds Bank Commercial Banking to secure the loan to purchase the building, which was provided through the Government-backed Funding for Lending Scheme (FLS).
Lee added: “Lloyds Bank has been immensely supportive of us as we’ve grown, helping us with previous expansions, and we look forward to continuing to grow our business in the coming years.”Will Macdonald, relationship manager for Lloyds Bank Commercial Banking, said: “Burton & Fisher is a very forward thinking business, and it’s rewarding to be able to support its expansion plans.
“The firm already has a good profile across Morecambe and Lancaster, but the purchase of such an iconic property will only boost the team’s standing in the city. “We have a range of support and guidance that we can offer to businesses to help support their growth plans, and we have doubled the amount our senior managers can lend for renewals to £1m.”