Charcol has confirmed that John Garfield and Charles Wishart are once again involved with the business that they founded some three decades ago.
The announcement signifies the sale of Charcol by Bradford & Bingley and it is a move that marks the beginning of a new era for the company that was founded in 1974.
John Garfield, who is joining Charcol as executive chairman, says: “I am absolutely thrilled to be back in the business that I started with Charles 30 years ago. I passionately believe that today, as much as at any other time, there is a need for independent mortgage advice and I believe Charcol will soon be back to its entrepreneurial ways as a standalone business.”
Charcol has also appointed Peter Barrett as managing director with a specific focus on sales.
Garfield adds: “Peter brings a wealth of financial services experience to the business and we look forward to working with him in the coming months and years.”
The sale of Charcol comes hot on the heels of statutory mortgage regulation that highlighted Charcol’s position in the market as it was the first organisation to arrange a mortgage under the regulations, completing an offer with clients a mere 44 minutes after the new rules came into effect.
Garfield says: “This shows me that there are some innovative and progressive people in the business who will help us shape Charcol moving forward. In my mind, there is little doubt that the future looks exciting.
“Our immediate plans are to complete the separation from Bradford & Bingley, return the business to a more profitable position and address our cost base. I am confident that this will result in a lean and thriving business. I am also excited to report that since press comment started I have received calls from former company employees.”
The acquisition was organised by New World Corporate Finance and backed by Advantage Capital and Jon Moulton.