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Birmingham Post
Birmingham Post
Technology
Jon Robinson

Fintech OpenMoney given safe harbour by chamber after takeover and job losses

Fintech company OpenMoney has relocated to Greater Manchester Chamber of Commerce's offices following a last-minute takeover deal and the loss of 50 jobs.

The business, along with its WorkLife arm, has moved into the chamber's base in Elliot House on Deansgate.

OpenMoney had been located in the ABC Building in Quay Street.

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In April, BusinessLive reported that jobs had been put at risk at OpenMoney after a takeover deal was agreed.

The company underwent what was described as an "essential restructuring" with employees at its headquarters and on the operational side of the business most affected.

The company was sold by founders Duncan Cameron, who set up Moneysupermarket.com, and Anthony Morrow to entrepreneurs Will Mallard and Patrick Leahy.

The founders have retained a minority stake in the business. Mr Morrow left the business in 2020 but returned at the start of this year.

OpenMoney was originally backed by Evestor and its original focus was to make financial advice more affordable and accessible.

Mr Leahy, who serves as the chief executive of both OpenMoney and WorkLife, said: "Manchester is our home and it’s our community. When we were looking for a new office, there was no question of it not being here.

"We want to work more closely with local businesses and being a part of the GMCC network has really helped with that and hope we can extend this further now that we’re all under one roof."

Lewis Crowe, head of membership and commercial at the chamber, added: "We’re thrilled to be welcoming the OpenMoney and WorkLife staff to the chamber as our newest tenants.

"We are keen to further develop Elliot House as a home for various businesses - whether this is through our office space offering, our venue or our Members Lounge.

"We are delighted about this addition to our community and look forward to work together going forwards."

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