Bain Capital has completed a £120m investment in The Openwork Partnership, securing a stake of up to 30% in the UK-based financial advice network.

The transaction, now approved by the Financial Conduct Authority and Openwork’s board, marks Bain Capital’s first direct investment in the UK financial advice sector.

Elena Lieskovska, partner at Bain Capital, will join Openwork’s board as part of the agreement.

The deal strengthens Openwork’s ability to accelerate its growth, adviser succession planning, recruitment, technology development, and service expansion. It also unlocks new capital through a revised £35m revolving credit facility with Santander. The combined equity and debt package will fuel Openwork’s ambition to become the UK’s leading holistic financial advice network.

Openwork CEO Philip Howell welcomed the partnership, calling it “an exciting chapter with a real sense of optimism and growing momentum.” He emphasised the firm’s commitment to expanding its adviser base, improving client services, and building long-term value for all stakeholders.

Bain Capital brings significant global experience in the financial services sector, having invested in similar businesses across the US and other markets. Lieskovska said the firm looks forward to leveraging its expertise to support Openwork’s growth journey, with a focus on delivering exceptional value for clients, colleagues, and shareholders.

Founded in 2005, Openwork has grown into a network of around 4,800 advisers serving clients across the UK. The firm has been 90% owned by over 1,300 partners since 2018, including principals from its 860 advice firms. The £120m investment and strengthened leadership team mark a key milestone in Openwork’s 20th anniversary year.

Source: Money Marketing

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