Business Growth Fund (BGF), the investment firm set up by the UK’s six major banks in 2011 to invest in small and medium-sized businesses, has paid £10m ($16.6m) for a minority stake in UK-based regulatory and compliance consultancy The Consulting Consortium (TCC).
Founded in 2001, TCC provides advice and regulatory compliance services to firms in the financial services sector. It has so far advised more than 250 clients, and has developed a risk management software platform that records and analyses real-time interactions between the sellers of financial products and customers to assist with transparency.
“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,” said TCC chief executive Joanne Smith. “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.”