Close Brothers Group#Winterflood

Close Brothers was founded in 1878 by William Brooks Close and his brothers Fred and James Close, who started offering farm mortgages in Sioux City, Iowa.{{cite web|url=http://www.iagenweb.org/sioux/books/british/british_2_2.htm|title=Farming the Virgin Land 1878–1879|publisher=The Iowa Genealogy Web Project|access-date=16 March 2019}}{{cite web|url=https://www.theguardian.com/business/2007/dec/15/closebrothersgroupbusiness|title=Close Brothers shares shoot up on talk of takeover|date=15 December 2007|work=The Guardian|access-date=16 March 2019}} In 1897, William Brooks Close paid £10,000 to the US government for the right to build Alaska's first railway the White Pass and Yukon Route.{{cite web|url=https://wpyr.com/history/wpyr-facts/|title=White Pass and Yukon Route Facts|publisher=White Pass and Yukon Route|access-date=16 March 2019}}

The company was the subject of a management buy-out in 1978 and was first listed on the London Stock Exchange in 1984.{{cite web|url=https://www.ft.com/content/3aed51f8-4e75-11dc-85e7-0000779fd2ac|title=Close Brothers buys half of Mako|date=19 August 2007|publisher=FT|access-date=16 March 2019}} In the 1980s and 1990s, the company expanded through the acquisition of a specialist businesses including Winterflood Securities in 1993, Hill Samuel's Corporate Finance Division in 1996{{cite web|url=https://www.independent.co.uk/news/business/era-ends-as-hill-samuel-loses-its-dealmakers-1334921.html |title=Era ends as Hill Samuel loses its deal-makers|work=The Independent|date= 1 June 1996|access-date=16 March 2019}} and Rea Brothers (established 1919) in 1999.{{cite web|url=https://www.theguardian.com/business/1999/jul/22/14|title=Rea takeover puts Close in spotlight|work=The Guardian|date= 22 July 1999}}

In March 2008, Close Brothers acquired UK short-term and bridging lender Commercial Acceptances Group for around £31m.{{cite web|url=https://www.compelo.com/banking/news/close_brothers_acquires_two_specialist_lending_businesses/|title=Close Brothers acquires two specialist lending businesses/|work=Compelo|date=27 March 2008|access-date=16 March 2019}}{{Dead link|date=July 2020 |bot=InternetArchiveBot |fix-attempted=yes }} In December 2008, it was confirmed that Close Brothers Private Equity would be spun off as CBPE,{{cite news|url=https://www.privateequityinternational.com/close-brothers-private-equity-spins-out/|title= Close Brothers Private Equity spins out|newspaper=Private Equity International|date= 4 December 2008|access-date=22 June 2024}} and, in May 2009, it was announced that the corporate finance business was to be acquired by Daiwa Securities SMBC, a Japanese investment banking venture, leaving Close Brothers focused on capital markets, securities trading, lending and investment management.{{cite web|url=https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/5344701/Close-Brothers-sells-corporate-finance-arm-in-75m-deal.html|title=Close Brothers sells corporate finance arm in £75m deal|work=The Telegraph|date=18 May 2009|access-date=16 March 2019}} The corporate finance business would be renamed to DC Advisory.{{Cite web |last=Vaughan |first=Liam |date=26 April 2011 |title=DC Advisory Partners shrugs off false start |url=https://www.fnlondon.com/articles/dc-advisory-shrugs-off-false-start-20110425 |website=Financial News}}

Close Brothers disposed of Close Brothers Seydler Bank AG, its securities business in Germany, to Oddo & Cie in 2014,{{cite web|url=https://www.investmenteurope.net/investmenteurope/news/3722064/oddo-cie-completes-acquisition-seydler|title=Oddo & Cie completes acquisition Seydler |date=7 January 2015|publisher=Investment Europe |access-date=16 March 2019}} and sold Close Brothers Retail Finance to Klarna, the Swedish online financial service provider, in September 2018.{{Cite web |last=Walker |first=Peter |date=2018-09-14 |title=Klarna buys Close Brothers Retail Finance |url=https://www.retail-systems.com/rs/Klarna_Buys_Close_Brothers_Retail_Finance.php |access-date=2024-03-19 |website=Retail Systems |language=en}}{{Cite web |last= |date=2018-10-02 |title=Klarna grows again, acquiring close brothers retail finance to strengthen position in UK market {{!}} The Payments Association |url=https://thepaymentsassociation.org/article/klarna-grows-again-acquiring-close-brothers-retail-finance-to-strengthen-position-in-uk-market/ |access-date=2024-03-19 |website=The Payments Association |language=en-GB}}

In July 2021, Close Brothers acquired PMN Financial Management for an undisclosed amount. The Surrey based independent financial advice firm brought £300m of assets with it.{{Cite web |title=Close Brothers AM acquires IFA |url=https://www.ftadviser.com/companies/2021/07/21/close-brothers-am-acquires-ifa/ |access-date=2024-03-20 |website=www.ftadviser.com |language=en}}{{Cite web |last= |first= |date=2021-07-22 |title=Close Brothers Asset Management buys PMN Financial Management |url=https://www.privatebankerinternational.com/news/close-brothers-asset-management-buys-pmn-financial-management/ |access-date=2024-03-20 |website=Private Banker International |language=en-US}} In September 2023, Close Brothers acquired Bluestone Motor Finance, an Irish provider of motor finance,{{Cite news |title=Close Brothers re-enter Irish motor finance market with acquisition of Bluestone Motor Finance |url=https://www.irishtimes.com/business/2023/09/20/close-brothers-re-enter-irish-motor-finance-market-with-acquisition-of-bluestone-motor-finance/ |access-date=2024-04-07 |newspaper=The Irish Times |language=en}}{{Cite web |last= |date=2023-09-20 |title=Close Brothers to acquire Irish motor finance specialist Bluestone Motor |url=https://business-news-today.com/close-brothers-to-acquire-irish-motor-finance-specialist-bluestone-motor-finance/ |access-date=2024-04-07 |website=Business-News-Today.com |language=en-US}} and, in December 2023, Close Brothers agreed to acquire Bottriell Adams, an independent financial advisor (IFA) based in Dorset, England, for £220 million.{{Cite web |last=Sidhika |first=Anika |date=2023-12-13 |title=Close Brothers AM purchases IFA business |url=https://www.privatebankerinternational.com/news/close-brothers-am-purchases-ifa-business/ |access-date=2024-04-26 |website=Private Banker International |language=en-US}}{{Cite web |last=Cooper |first=Dan |date=2023-12-13 |title=Close Brothers Asset Management acquires IFA business |url=https://www.moneymarketing.co.uk/news/close-brothers-asset-management-acquires-ifa-business/ |access-date=2024-04-26 |website=Money Marketing |language=en}}

Close Brothers Banking division lends to small and medium-sized businesses and individuals and offers deposit taking.{{cite web|url=http://www.investorschronicle.co.uk/2016/09/27/tips-and-ideas/share-tips/close-brothers-lending-still-healthy-pOoJOjNGwSB9jFUisFjfpM/article.html|title=Close Brothers' lending still healthy|date=27 September 2016|publisher=Investors Chronicle|access-date=16 April 2016}}

Winterflood, a market maker in the UK, trades in relevant MTFs and major dark pools and covers nearly all LSE listed stocks, as well as Alternative Investment Market (AIM) and ICAP Securities and Derivatives Exchange.{{cite web|url=https://www.globalcustodian.com/winterflood-securities-selects-bny-mellon-for-clearing-and-custody/|title=Winterflood Securities selects BNY Mellon for clearing and custody |publisher=Global Custodian |date= 25 April 2016|access-date=16 March 2019}}

The company's chief executive is Mike Morgan, who has been in the role since January 2025{{Cite web |last=Gonzalez |first=Alejandro |date=2025-01-08 |title=Close Brothers names new CEO as sector faces legal challenges |url=https://www.motorfinanceonline.com/news/close-brothers-names-new-ceo-as-sector-faces-legal-challenges/ |access-date=2025-04-21 |website=Motor Finance Online |language=en-US}} after superseding Adrian Sainsbury who stepped down from the role following a period of extended medical leave.{{Cite web |date= |title=Close Brothers CEO Adrian Sainsbury steps down following period of medical leave |url=https://www.investmentweek.co.uk/news/4392872/close-brothers-ceo-adrian-sainsbury-steps-following-period-medical-leave |access-date=2025-04-21 |website= |language=en}} Its board has been chaired by Mike Biggs since May 2017.{{cite news|url=https://citywire.com/new-model-adviser/news/ex-resolution-chief-biggs-joins-close-brothers/a1000446|title= Ex-Resolution chief Biggs joins Close Brothers|date=14 March 2017|newspaper= CityWire|access-date=28 September 2022}}

In 2024, a court ruled against Close Brothers and FirstRand Bank for mis-selling loans to car buyers. They had been paying commission to car dealers for recommending their loans, without the dealers revealing the commissions to the car buyers.{{cite news |last1=Makortoff |first1=Kalyeena |title=Consumers win UK car finance case that could lead to billions in compensation |url=https://www.theguardian.com/business/2024/oct/25/consumers-win-uk-car-finance-case-could-billions-compensation |access-date=18 March 2025 |work=Guardian |date=25 Oct 2024}} In 2025, Close Brothers cancelled its dividend and planned to raise £400 million to cover the compensation that would be due to borrowers and the costs of the court case.{{cite news |last1=Partridge |first1=Joanna |title=Car finance scandal: lender sets aside £165m for possible compensation costs |url=https://www.theguardian.com/business/2025/feb/12/car-finance-scandal-lender-sets-aside-165m-for-possible-compensation-costs#:~:text=Consumers%20won%20a%20landmark%20court,dealers%20without%20the%20borrowers'%20knowledge |access-date=18 March 2025 |work=Guardian |date=12 Feb 2025}}

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Close Brothers Group

Close Brothers Group

Close Brothers Group

Close Brothers Group

Close Brothers Group

Close Brothers Group

Close Brothers Group

Close Brothers Group

Category:Companies in the FTSE 250 Index