True Bearing granted funding for acquisition
Chorley-based chartered financial planning firm True Bearing has received £80,000 of funding to acquire a small, independent practice.
The loan is the third granted to the company by the county council's Rosebud programme, which is managed by GC Business Finance.
True Bearing first received Rosebud funding in 2013 when it had a turnover of £1.3m. The funding over the last seven years has enabled it to quadruple its turnover and set its sight on annual revenues of £10m by 2024.
The firm first received Rosebud funding in 2013 when it had a turnover of £1.3m. The funding over the last seven years from Rosebud has enabled the business to quadruple its turnover in this time. Following the most recent investment, the company is aiming to achieve revenues of £10m by 2024.
George Critchley, chairman of True Bearing said: "The continuous support from Rosebud has enabled our growth since 2013, allowing rapid expansion of the team and the range of services we can offer. With the most recent loan allowing us to acquire an IFA, we are looking to build on our client base and in turn boost profitability even further."
They are showing resilience in what for most is a challenging time
Amin Vepari, Rosebud programme manager at Lancashire County Council, said: "True Bearing is a strong Lancashire business, for Rosebud to have contributed to their growth not once but three times demonstrates the value of the Rosebud Fund and its purpose; enabling growth and creating jobs across Lancashire.
"We’re delighted to be able to further support True Bearing and are proud they, as a Lancashire business, are showing resilience in what for most businesses is a challenging time."
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