The private equity consortium taking over Bristol-based investment giant Hargreaves Lansdown in an approved £5.4bn deal has vowed to keep its headquarters in the city.
The firm, which employs around 2,400 people – many of them based in its showpiece office on Bristol’s Harbourside, pictured – agreed to the approach from the consortium this morning. 
The sale of the firm – the UK’s largest savings and investment platform and biggest retail stockbroker, with almost 1.9m clients and £155.3bn of savings and investments – brings to an end a drawn-out takeover saga.
An initial offer was rejected, leading to further discussions over the summer. Talks have been extended twice since, and today was the final deadline for the consortium to make an offer
It also triggers another massive payday for the firm’s co-founders Peter Hargreaves and Stephen Lansdown, who still hold stakes worth almost 20% and 5.7% respectively.
The pair famously launched the firm from Peter Hargreaves’ bedroom in Clifton in 1981, employing just a part-time secretary. 
After spectacular growth it floated on the London Stock Exchange in May 2007.
Its huge success not only made it a major player in the UK investment market but also a lynchpin of Bristol’s financial services sector.
Mr Hargreaves, pictured, stepped down as managing director in 2011 but remained as an executive director until 2015, effectively being the company’s figurehead as well as a major shareholder.
Stephen Lansdown, pictured, who is probably as well known in Bristol for his involvement with Bristol City FC as with Hargreaves Lansdown, stepped down from the board in 2012. 
The consortium, which is made up of CVC Capital Partners, Nordic Capital and Abu Dhabi Investment Authority, said in its bid document it “does not intend to carry out any changes in the location or HQ functions of HL’s Bristol headquarters”.
Mr Hargreaves, who owns almost 20% of the company, backed the takeover.
According to reports will sell half his stake while keeping the other half in the business under its new owners.
He will receive an estimated £534mn from his share sale, according to people close to the Mr Lansdown is said to have opted to offload his entire holding.
He told the Financial Times: “As with all such deals there is plenty of work to do, but I am pleased that we now have certainty and everyone can get on with their lives.
“[It’s] a bittersweet moment for me personally but I feel it is the right time to part company with Hargreaves Lansdown and concentrate on other projects.”
Hargreaves Lansdown provides its services via four channels: Direct to Consumer through the app or website; Helpdesk, via phone or email; Financial Advice; and Workplace, HL’s B2B arm, offering variety of services adjacent to its core pension proposition.
