Investment bank Cavendish to open Manchester office after signing Gary Neville deal
Investment bank Cavendish, which was formed through the £43m merger of Cenkos and Finncap last September, has revealed plans to expand into Manchester for the first time.
Canada investment bank has appointed Oliver Tebbutt as partner to lead the office.
Tebbutt was previously a partner at Deloitte’s corporate finance team in Manchester.
Cavendish will open in Manchester in January and move to an office at No.1 St Michaels, the city centre development being led by Gary Neville’s Relentless Developments, in the spring.
The news comes after the investment bank reported a jump in dealmaking fees and said more IPOs could be on the way as it returned to profitability.
Cavendish posted an adjusted pre-tax profit of £1.8m for the six months to 30 September, 2024. That compared to a £3.6m loss during the same period last year.
It also enjoyed a 42 per cent year-on-year jump in revenue to £27.7m as its investment banking fees grew 49 per cent to £24.9m.
Manchester move part of ‘long-held plans’ for Cavendish
Co-chief executive of Cavendish John Farrugia said: “As market confidence strengthens, we anticipate strong activity in both public and private company deals.
“With our integrated capabilities across these sectors and our recognised sector expertise, we are better positioned than ever to support a wide range of businesses.
“We have long held ambitions to expand into the regions, but were determined to find the right individuals to lead the business.
“Oliver’s excellent pedigree, first-class relationships, and proven track record in building teams were key factors that attracted us.
“Our new presence in the North West, a dynamic hub driving economic growth across the UK, ensures we are well-equipped to help more UK-based businesses achieve their ambitions and contribute to the continued expansion of the UK’s real economy.”
Tebbutt added: “Having spent the last 16 years advising entrepreneurial businesses in the North West, and having witnessed a shifting advisory landscape, I feel passionately that there is a clear role for a regionally focused advisory team that has both the appetite and experience to back ambitious management teams and their capital providers across multiple stages of growth and funding. We will achieve this through nurturing long term relationships.”
“I am excited to have found in Cavendish, a shared vision to achieve this goal, and a wider team which is uniquely placed to advise across the capital spectrum as well as bringing relevant sector insight and global connectivity.”