A Yorkshire-based financial adviser that includes arranging sharia-compliant pensions among its services has been bought by four of its managers.

A Yorkshire-based financial adviser that includes arranging sharia-compliant pensions among its services has been bought by four of its managers.

Lawrence Scoffield, which also provides financial and tax planning as well as insurance products, has been bought by a four-strong team led Neil Moles and Sean Narey.

Moles and Narey, who become joint managing directors, were joined in the deal by Steve Thompson and Andrew Fraser.

The deal was backed by Co-operative Bank, which arranged senior debt, a secured loan and working capital.

The Leeds-based business was sold by Paul Lawrence and Dominic Scoffield, who introduced Steven Clarke, a senior manager at the bank, to the buy-out team.

“These uncertain economic times clearly demonstrate that, never more so has there been a need for people to obtain good quality financial planning advice and given their expertise and professionalism in this field, Lawrence Scoffield will continue to be a success for many years to come,” Clarke said.

The Co-operative appointed a team at Sagars, led by Clive Smetham, to conduct a financial due diligence review of the target company.

Smetham, who was supported by director Ali Jones and senior manager Kevin Hoult, said he is delighted to have been asked to assist the bank. “With no lead adviser and the management team travelling the length and breadth of the country to write business, it was a challenge to finalise matters without undue delay.”