£500,000 Investment Fund for Wales loan backs Penguin Wealth Planners’ growth
Penguin Wealth Planners, a Cardiff-based independent financial advisory firm, has secured a £500,000 loan from FW Capital via the British Business Bank’s Investment Fund for Wales. The funding will be used to support its continued growth through the acquisition of an independent financial services business client book.
Established in 2010, Penguin Wealth Planners is a fast-growing business which provides holistic financial planning, wealth management and investment advice to individuals and families across Wales.
Penguin Wealth has shown consistent growth and has built a strong reputation for delivering high-quality, long-term financial planning. It has self-funded three similar acquisitions to date and recently hired two new senior financial advisers. The business came to FW Capital for support to keep up the pace of its expansion as opportunities continue to emerge across the sector, with increased demand for retirement and wealth management services.
The business, which employs 34 people, offers a full range of services including retirement planning, investment management, tax planning and protection solutions, supported by a team of experienced financial planners, technical specialists and client service professionals. It also holds a contract with The National Lottery to provide financial advice services to lottery winners in Wales receiving prizes of more than £1 million.
The funding has allowed Penguin Wealth to acquire the client book of Cowbridge-based Seren Financial Advisers, strengthening its position in the Welsh financial advice market as part of a long-term buy-and-build strategy, alongside consistent growth in its core business offering as demand rises.
Craig Palfrey, certified financial planner at Penguin Wealth Planners, said: “We’ve built Penguin Wealth on the belief that financial planning should be personal, proactive and built around long-term relationships. As more independent advisers begin to retire, we’re seeing an increasing number of opportunities to make strategic acquisitions that fit with our values and commitment to client service.
“This funding has allowed us to continue our wider growth strategy without slowing momentum, allowing us to complete this asset acquisition and have the capacity in place to consider further opportunities when they arise, strengthening our presence across Wales. We’re proud of the reputation we’ve established and look forward to supporting even more clients with their financial planning needs in the years ahead.”
Rhodri Evans, fund manager at FW Capital, said: “Penguin Wealth has established a strong track record of growth underpinned by a highly experienced management team and a clear strategic vision.
“The business is operating in a market that is undergoing significant change, creating opportunities for well-run firms to expand. This investment will help Penguin Wealth build on its success to date, accelerate growth and continue providing high-quality financial advice services across Wales.
“The Investment Fund for Wales plays an important role in providing ambitious Welsh businesses like Penguin Wealth Planners with access to the finance they need to invest and grow. We’re committed to supporting businesses with strong plans for the future, helping them scale sustainably and contribute to economic growth across Wales.”
Bethan Bannister, senior investment manager, Nations and Regions Investment Funds at the British Business Bank, said: “Penguin Wealth Planners’ latest acquisition demonstrates how access to the right finance can help ambitious Welsh businesses build on their success and take advantage of new opportunities for growth.
“Through the Investment Fund for Wales, we are pleased to support businesses such as Penguin Wealth as they invest in their future, expand their operations and strengthen their position within the Welsh economy. The fund is designed to ensure that smaller businesses across Wales can access the finance they need to realise their ambitions and achieve sustainable growth.”
The British Business Bank-backed Investment Fund for Wales launched in 2023 and operates across the whole of Wales. The fund includes a range of finance options with loans from £25,000 to £2m and equity investments up to £5m to help small and medium-sized businesses start up, scale up or stay ahead. FW Capital is responsible for delivering larger loans of £100,000 to £2m.