Regulated Financial Services Integration

The client was a private equity backed business at the start of a buy and build programme. It bought Towry Law, a much larger business with a different business model. The companies were closely regulated by the FSA.

The challenge of the business integration was its breadth, as it covered almost everything in the business including:

  • Creating a new top team
  • Completing the development of a scalable infrastructure and the IT system functionality
  • Changing the culture and business model of the acquired company into that of the acquirer
  • Integrating head office departments and rationalising offices across the UK
  • Moving the main server room
  • Centralising post sale administration

Joining the top team of the business just prior to the deal, I led the integration, designing and managing the programme and its governance, setting up 15 separate projects. The programme achieved:

  • The integration of all departments within 8 weeks of the deal, achieving the required people synergies
  • Creation of new WAN, replaced desktops and introduced tablets for remote staff
  • 5 regional office moves (including a head office & server room). Creation of staff dining and gym giving rise to savings in accounting provisions
  • Development of core systems, migration of data from obsolete systems of one business, training several hundred staff in new systems across UK, unified financial reporting and MI, (new general ledger) and migrated data from peripheral systems such as HR and payroll within 8 months
  • A changed business model including: a move away from offering customers free advice to charging fees; advisor remuneration base from heavy commission basis to salaried - within 8 months
  • Complete new product range introduced within 8 months

All accomplished whilst the business achieved record sales and EBITDA performance. Integration programme on budget, in terms of cost and synergies.


Regulated Financial Services Integration Endorsement

"Phil led a complex programme involving integration, significant system development and a change of business model to a successful outcome in 9 months. He designed the programme to protect BAU, so the Company could have a record year's sales & EBITDA"


Andrew Fisher, Chief executive of Towry


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Global Professional Services Integration