History
The company name reflects a three-way partnership between John Garfield, Charles Wishart and Colin Studd.
After establishing itself, John Charcol was bought by Abaco in 1984. Two years later, in 1986, another change of overall ownership occurred with the British and Commonwealth Group buying Abaco. In 1989 the business returned to its founders with a management buy out and remained in the director’s control until July 1998, when US venture capitalist company Warburg Pincus purchased a 71% stake. Then, in February 2000, Bradford & Bingley bought John Charcol outright. Bradford & Bingley bought the business to apply the model to their own branch network, setting up as a retailer of other organisations' financial products. In 2004, after a change of chief executive, and consequently strategy, Bradford & Bingley decided to sell John Charcol. The company was purchased once more by a consortium led by John Garfield.
After a difficult 2009 dealing with the financial impact of high legacy costs with reduced demand following the Credit Crunch, John Charcol went into administration on Monday 22 February 2010. This was a Pre-pack Administration with Charcol being purchased by Towergate Financial (A subsidiary of Towergate Partnership ) for a nominal fee. The company continued trading on Tuesday 23 February with all employees and directors staying with the company with no redundancies planned.
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