Peter Coleman will leave Positive Solutions (PosSol) at the end of February, having overseen the acquisition of the IFA by Intrinsic last year.
Peter Coleman said: "It has been a real privilege to lead Positive Solutions for the last two years and oversee a successful period in the company's history.
"The acquisition by Intrinsic in 2013 delivers the stability, proposition and support that Positive Solutions clients and advisers required.”
Coleman was formerly director at Honister network Burns Anderson, where he worked from 2002 to 2008. Peter joined PosSol as its Commercial Director in 2011, going on to become Chief Executive in early 2012.
At the time the company had endured a cumulative loss of £10 million over a three-year period, £360,000 of which was lost in 2011.
However, under Peter’s leadership, the company reported £2.3 million pre-tax profits in 2012, up from a £400,000 loss in 2011. Peter Coleman said the turnaround had been due to “incredibly hard work” such as the reduction of administration expenses by 14 per cent and the enforcement of contracts that had not been enforced in the past.
Peter added: “Now that the integration of the two businesses is largely complete, the time is right for me to seek new challenges, but I leave knowing that Positive Solutions is in an extremely strong position.”
Richard Freeman, Chief Executive of Intrinsic, said: “On behalf of the board and everyone in the Intrinsic group, I would like to thank Peter for his leadership and commitment to bringing the two businesses together for the benefit of clients and advisers. We wish him every success in the future.”
Positive Solutions was previously owned by AEGON but was sold when the parent company decided to refocus towards its core life and pensions businesses. Intrinsic bought the company in August 2013.
The PosSol senior management team will remain in place and no job cuts are expected as part of the deal.
Positive Solutions will remain as a national IFA firm and keep its branding and business models. However, although PosSol will keep its Newcastle headquarters, the deal may lead to some of its regional offices closing as the company will review the current lease agreements.
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