THE Newcastle team heading up corporate advisory and broking firm N+1 Brewin has begun trading with hopes of growing the business with clients across Europe.
The firm, which was formed when investment manager Brewin Dolphin’s corporate broking arm was sold last year to its senior staff and Spanish financial firm N+1, opened for business yesterday.
Around half of N+1 Brewin’s 55 staff are based at its head office in Newcastle city centre, with other offices in Leeds, London, Edinburgh and Glasgow.
N+1 Brewin chief executive Jamie Cumming said it would enable the business to offer clients access to investment banking expertise in all key European geographies.
Head of equity sales and trading David Green said: “The strategy is not to try to be all things to all people.
“We’re looking for controlled growth. In terms of expansion and opening new offices around the UK, it’s unlikely, but we will be looking at new sectors and developing new services.”
Brewin Dolphin got £1m in cash for the deal with the Spanish firm early last year, and retains a 14% stake in N+1 Brewin. It said the deal would enable its North East clients to reach a broader range of investors and buyers.
N+1 has more than 230 staff in six European countries and the wider group has raised around £6bn in the last decade.
The set-up will see N+1 take 65% in the company, while the management team will hold 21%. N+1 and the management team have invested £5m of capital in the business.
Green said the company operated in seven core sectors, namely industrial engineering, consumer, support services, healthcare, IT, resources and cleantech.
He said: “N+1 is very financially stable and the plan is very much to grow. Over the last three months we’ve been looking at our options, and we’ve recently brought in a team in London that’s focused on the renewable energy sector. N+1 itself is very big as an owner of renewable assets.”
Santiago Eguidazu, chairman of the N+1 Group, said: “The UK represents a very dynamic market where we believe there are extensive opportunities for growth.
“From the outset the N+1 Brewin team has shared our vision of creating a truly pan-European operation which is able to offer a leading service to our clients in every country in which we are present.”
