The Consulting Consortium scoops £10m growth capital from the Business Growth Fund
Compliance consultancy to use finance to develop company infrastructure and expand market reach
London-based regulatory compliance service The Consulting Consortium (TCC) has secured £10m from investment firm the Business Growth Fund (BGF) in return for a minority equity stake.
Founded in 2000, London-based TCC says it is the UK’s largest independent regulatory and compliance consultancy, having advised over 250 FCA-regulated financial service clients including FTSE 100 and multi-national companies.
Last year, the consultancy business ranked in the top 50 of the 2013 Sunday Times Virgin Fast Track 100 and claims that it’s on target to achieve £12m turnover for 2014.
It intends to use BGF’s backing to develop its marketing, recruitment and company infrastructure in order to enhance its share of the financial compliance market, which is currently estimated at £472m.
Joanne Smith, TCC founder and chief executive, said: “We have delivered impressive year on year growth without any institutional funding to date, but we wanted the right investment partner to help take the business to the next level.
“BGF stood out for us because their bank shareholders are the exactly the type of companies that we want to work for. They bring so much more than money to the equation in terms of expertise and a huge network of relevant contacts that we can access.”
BGF regional director for London and South East, Marion Bernard, will be joining the compliance company’s board. Bernard commented: “Our investment in TCC is a very exciting opportunity for BGF.
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“The company has demonstrated its ability to deliver complex regulatory solutions and advice to major financial and consumer companies across the UK.
“The increased focus on maintaining high regulatory standards following a number of high profile incidents in the financial services industry over the past few years highlights the need for TCC’s expertise.”