INTELLIGENT Capital Limited, the Glasgow-based wealth manager, has changed hands following a management buyout led by director David Bremner.

The deal was backed by Clydesdale Bank, which provided funding worth “six figures” to support the buyout.

Intelligent Capital, which is based on Glasgow’s Morrison Street, provides advice on financial planning matters such as tax, investment and pension advice. The firm, which has 13 staff, has a corporate division, offering advice on employee benefits and group pensions.

Mr Bremner, who acquired the business from Graeme Forbes, joined Intelligent Capital in 2014, since when its turnover has grown by 25 per cent. It expects to have turned over more than more than £1.5 million in its current year, which closes this month.

Mr Bremner said: “It’s encouraging to start the new year having completed the MBO and we are looking forward to continuing to support our customers and grow the business.

“We are grateful for the support and assistance provided by Clydesdale Bank SME Cashflow Finance team.”

Mark Young, director of SME Cashflow Finance at Clydesdale Bank, said: “At Clydesdale Bank, SME Cashflow Finance can enable profitable businesses, such as Intelligent Capital Limited, to implement their strategic goals through provision of innovative funding packages.

“Identifying suitable funding to facilitate growth, acquisition or succession within a business can at best delay or potentially prevent business owners implementing their strategic goals and curtail the evolution of the business.

“We are passionate about supporting SMEs.”