The long-established financial planning firm is in the midst of a push into discretionary fund management, as first reported here.
The firm merged with PFP Group last summer, a move which was preceded by a string of other acquisitions, and brought its assets to over £2bn.
The deal with Clydesdale Bank will fund some of the deferred consideration on the firm’s historic acquisitions as well future acquisitions.
Mergers and acquisition specialist Stuart Dyer and new group CFO Iain Balchin, who was behind the Clydesdale deal, joined Ascot Lloyd’s board earlier this year.
Balchin said: “Ascot Lloyd has grown rapidly over the last 2 years through significant acquisitions. As we continue our growth it is important we have a supportive bank and formal acquisition facility in place. This new facility from Clydesdale is transformational in terms of our future plans.”
Ascot Lloyd has around 175 staff across 10 locations across the UK including London, Manchester, Wokingham, Cardiff, Harrogate and Wolverhampton.