Dubai investor swoops to buy historic Hull firm
By Hull Daily Mail | Posted: 9 Aug 2018
A Hull-headquartered financial advisor firm has been bought by a Dubai investor for an undisclosed sum.
Cheshire Trafford, which has more than 700 clients across the country, was acquired by Argentum 47, in a deal which was confirmed earlier this month.
The firm was founded in Hull in 1976, and has almost £30m of funds under administration.
Argentum 47’s CEO said he hoped the purchase would “kick start the growth” of Cheshire Trafford.
Peter Smith said: “Cheshire Trafford has a loyal and long-term generational client bank with around $39m on its books.
“This acquisition will now kick start our growth program with the next targeted acquisition bringing a further $52m of funds under administration, also being driven towards its conclusion.
“Over the course of the next 12 months we will look to maximize the value within Cheshire Trafford, increase the total funds under administration, increase the annual revenue, and extend and enhance the service to the clients with new products and offerings.”
Cheshire Trafford was founded by Rod Leonard in the 1970s.
Its headquarters are in Lelley, Holderness. The company offers a range of investment, tax, life assurance and pension services.
Argentum 47 has offices in Dubai and the UK, and works with companies around the world to help them increase in value and potential.
Mr Smith said: “This acquisition significantly increases reach in the UK by putting us within the zone recently deemed as `The UK Northern Powerhouse´ by the British Government…
“The Northern part of the United Kingdom is destined for significant growth and governmental support over the coming years in particular for growing and expanding businesses.
“The Hull City Region is one of the six major focus locations for the Northern Powerhouse development. This growth will offer many potential opportunities for Cheshire Trafford and for our existing capital market business model.
“It’s a very nice acquisition and super subsidiary for our Company.”
Financial details of the deal to buy Cheshire Trafford have not been revealed by either party.