"We now want to move the business forward at pace and we are under no illusions that building scale requires resource."
TMG will be raising the money internally through a private placing and only existing brands and advisers, plus businesses that are currently in the process of joining, will be able to participate.
TMG are hoping to raise at least £250,000 in what it says could be the first of many share placements in order to help the business expand. In addition, it will be looking to create multiple revenue streams in order to diversify itself against possible industry changes in the future.
Scott Thorpe, director and co-founder of The Money Group, said: “We are delighted to announce that we now feel the time is right for this initiative. The existing brands have regularly asked whether they could invest in the TMG brand This now gives them that opportunity while helping TMG accelerate its growth. All monies raised will be reinvested directly in to ongoing and future projects that we are currently assessing.
"This round of funding should see us with £1 million pounds in available funds across the Group which we believe gives us the platform we need to grow with confidence.
"We have already agreed two senior management positions who will be both in place by March and will be announcing both of these in due course. We are still hopeful of adding one final person which will then complete the management team.
"We have a very clear vision of where we want to go and this will include acquisition of businesses and developing our own lending proposition. We also have some great development plans to help support our current and new firms as they themselves prepare for their own growth."
Martin Stewart, director and co-founder of The Money Group, added: “We feel that now is the time for TMG to make its move. The sector is in a very good place after what has been a turbulent year but it is hard to argue against the fact that many changes are coming our way. As a business, we want to be prepared and on the front foot at the earliest opportunity. We have two game changing appointments who mirror our own ethos and ambition and who come to us bristling with creativity. We now want to move the business forward at pace and we are under no illusions that building scale requires resource. We have funded the business throughout from our own pockets but from day 1 our main business focus has been one of collaboration and we are now about to put that firmly in to practice."
