Ex-PFS President Sutton sells Thornton for £2.5m

Former Private Finance Society President Sarah Sutton has bought the Isle of Man Monetary Planning agency she based in 2000 to Jersey-based increasing agency TEAM Plc for as much as £2.5m.

Thornton Chartered Monetary Planners has belongings beneath recommendation (AUA) of £121m and roughly 180 shopper teams.

Within the yr ended 31 March, Thornton generated unaudited revenues of £750,000, made revenue earlier than and after tax of £220,000 and had unaudited web belongings of £400,000.

Sarah Sutton, managing director, mentioned: “I’m excited to share our latest resolution to develop a succession plan to make sure the continued success and development of the corporate.

“Because the founder, I’ve proactively sought an acceptable associate to hold ahead Thornton’s legacy, specializing in long-term partnerships and acknowledging the passage of time.

“All through the discussions, it turned evident that TEAM plc genuinely shares Thornton’s curiosity and dedication to purchasers, making them our best companions. A number of elements influenced this resolution, together with TEAM plc’s specialisation in working within the Crown Dependencies, its sturdy development plan, and the sources out there as a public firm.

“This strategic partnership marks TEAM plc’s entry into the Isle of Man market and underscores its dedication to increasing Thornton’s regional presence.”

As a part of the settlement Ms Sutton will stay actively concerned within the enterprise through the transition interval whereas the agency searches for a successor from throughout the Monetary Planning group.

Ms Sutton has greater than 35 years’ expertise working in monetary providers together with senior roles at Thornton, Marsh and Barclays. She is a Fellow of the Private Finance Society and was chairman of the Isle of Man Area from its inauguration till 2012. She was the President of the Isle of Man Insurance coverage Institute for the yr 2011/12 and was appointed President of the Private Finance Society for the yr 2017/18.

She was awarded the Chartered Insurance coverage Institute’s Award ‘Constructing Public Belief in Life and Pensions in 2019 for her work in main the PFS Monetary Planners Practitioner panel (2017 to 2020).

She is a eager bicycle owner and competed within the 2002 Commonwealth Video games. She was additionally a member of Isle of Man Sport for 12 years.

Matthew Moore, chief monetary officer of TEAM Plc, mentioned: “Within the Isle of Man, Thornton has been on the forefront of Monetary Planning to assist its purchasers handle, shield and maximise their wealth. In doing so, it has constructed a powerful status throughout the island.

“The acquisition is a pure extension into the Isle of Man from our base in Jersey and matches our technique to construct a brand new wealth, asset administration and complementary monetary providers group with a concentrate on the UK, Crown Dependencies and Worldwide Finance Centres.”

TEAM Plc is a wealth, asset administration and monetary providers group which has been acquisitive since coming to market in 2021. Thornton Monetary Planning is its sixth acquisition and will increase TEAM Plc’s whole AUM to greater than £850m. Its revenues for the six month interval to 31 March have been £1.9m.