True Potential Explained

True Potential
Founded:2007
Hq Location:Newcastle-upon-Tyne, England, UK
Key People:
  • Sir David Harrison (Chairman and Founder)
  • Daniel Harrison (CEO and Co-Founder)
  • Mark Harrison (Co-Founder)
  • Earl Glasgow (Co-Founder)
Products:ISA, personal pension, general investment accounts
Revenue:£337.9 million
Revenue Year:2023
Assets:£24.5 billion
Num Employees:450

True Potential is a British wealth management and financial technology company based in Newcastle, England.[1] [2] The company provides investments to clients across the UK,[3] both to financial advisers and their clients.[4] [5]

History

True Potential was founded in 2007 by Chairman Sir David Harrison and his investment partners.[6]  Prior to founding True Potential, Harrison had founded the financial services firm Positive Solutions, which he sold to Aegon in 2003.

From 2012 to 2017, True Potential was included on the Deloitte Technology Fast 50 list of fastest growing technology companies in the UK.[7] [8] In 2017, True Potential also won Business of the Year at the European Business Awards.[9]

In 2018, True Potential appointed bankers from Perella Weinberg Partners to facilitate a sale of the company.[10]

A majority stake in True Potential was acquired by global private equity firm Cinven in 2022.[11] [12] Other firms that made a bid for True Potential included Pegasus Europe.[13]

In February 2023, True Potential appointed Ben Thorpe as Chief Financial Officer.[14] In April 2023, True Potential appointed Andrew Sibbald as Deputy Chairperson.[15]

True Potential engages in philanthropic initiatives through the Harrison Foundation.[16] [17] The company also has a partnership with the Open University, the True Potential Centre for the Public Understanding of Finance, which delivers free courses to better learners’ understanding of personal finance.[18]

The services offered by True Potential include investment management, financial planning,[19] and retirement planning.[20]

Notes and References

  1. News: Banking . Ben Martin . 2023-11-06 . True Potential could be realised by early stake sale . . en . 2023-11-06 . 0140-0460.
  2. Web site: Media . Insider . 2023-04-03 . Another year of growth for True Potential . 2023-11-06 . Insider Media Ltd . en.
  3. Web site: Vallely . Lois . 2022-02-08 . True Potential completes sale of stake to private equity firm Cinven . 2023-11-06 . Money Marketing . en-GB.
  4. Web site: Ford . Coreena . 2023-04-03 . Newcastle's True Potential hails record results as assets top £24bn . 2023-11-07 . Business Live . en.
  5. Web site: Whitfield . Graeme . 2016-11-18 . Newcastle technology firm True Potential makes UK growth list for three years running . 2023-11-07 . Chronicle Live . en.
  6. News: 2017-07-16 . The millionaire boss who admits he had a lot of luck . en-GB . BBC News . 2023-11-06.
  7. Web site: Manning . Jonathon . 2017-06-11 . He runs Europe's best business: can David Harrison really be that nice? . 2023-11-06 . Chronicle Live . en.
  8. Web site: Whitfield . Graeme . 2016-11-18 . Newcastle technology firm True Potential makes UK growth list for three years running . 2023-11-06 . Chronicle Live . en.
  9. Web site: Whitfield . Graeme . 2017-05-05 . Newcastle company True Potential wins European Business Award . 2023-11-06 . Chronicle Live . en.
  10. Web site: Wealth platform to realise True Potential with £2bn sale . 2023-11-06 . Sky News . en.
  11. Web site: English . Simon . 2021-09-08 . Cinven snaps up True Potential in £2.5 billion deal . 2023-11-06 . Evening Standard . en.
  12. News: Crowley . Amy-Jo . Cerqueiro . Pablo Mayo . Cerqueiro . Pablo Mayo . 2023-07-12 . Cinven eyes True Potential stake sale as soon as next year . en . Reuters . 2023-11-06.
  13. Web site: Mustier and Arnault's SPAC targets £2.5bn UK fintech True Potential . 2023-11-06 . Sky News . en.
  14. Web site: True Potential appoints Ben Thorpe as CFO . 2024-03-13 . www.ftadviser.com . en.
  15. Web site: True Potential appoints deputy chairperson . 2024-03-13 . ftadviser.com . en.
  16. Web site: 2022-12-06 . Education and employability training centre opens in Teesside . 2023-11-06 . The Northern Echo . en.
  17. Web site: Read: A virtuous circle where productivity and profit drive social purpose . 2023-11-06 . Fit for Purpose . en-GB.
  18. Web site: Whitfield . Graeme . 2020-05-14 . Record results and buy-back as True Potential continues growth . 2023-11-06 . Business Live . en.
  19. Web site: Read . Simon . True Potential founder David Harrison knighted . 2024-03-13 . www.financialplanningtoday.co.uk . en-gb.
  20. Web site: True Potential launches retirement planning system . 2024-03-13 . ftadviser.com . en.

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