Lifeboard Financial Group has won £3m in funding from an institutional source, which may be tied in with a pending announcement of a new board appointment.
Board issues have been in the spotlight since previous chief executive David Kitchen resigned in December last year, being replaced by Bill Wynn, then chief financial officer.
Richard Stokes, managing director Lifeboat Financial Advisers Ltd. - part of the group - says he cannot confirm details on either issue because of ongoing confidentiality agreements.
However, he does say a board appointment "at a senior level" might be a possibility sometime in the near future.
He also confirms the investment is not from a venture capital or private source, and that it will not dilute existing holdings.
"The money will go to IT and business development systems support," he says.
"Things such as electronic archiving will support business development and improve compliance procedures. We are looking at a point of sale offer and increasing business development coaching in the field."
Lifeboat will also increase its marketing activities aimed at firms with "larger turnover".
Additional details about both the source of the £3m funding and how it will be spent should be available sometime in the next month, Stokes says.
Lifeboat is on track to hit a £20m turnover target for the year to March, he adds.IFAonline
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