The Guernsey-based co-founder of the financial services company Hargreaves Lansdown has trebled his shareholding in Ravenscroft Limited.

Pula Investments Limited, Mr Lansdown’s family office has increased its shareholding in Ravenscroft, the Channel Islands only independent stockbroking and investment management firm, from 9.36% to 27.86% at a cost of more than £9m.

Mr Lansdown previously owned 1,050,000 shares in Ravenscroft however, has now agreed to purchase an additional 2,650,000 shares at 350 pence per share from existing shareholders.

‘The team here at Ravenscroft are delighted that we have undertaken such a monumental transaction with Pula. The additional investment by Stephen Lansdown, and the Lansdown family, highlights the continued development of our company and emphasises the hard work that everybody has put in to making the business such a success over the last 10 years,’ said Jonathan Ravenscroft, group chief executive officer.

‘We are very much looking forward to working with Stephen, and we are certain that with such a strong investor base, we can look forward to more success over the next 10 years.  This transaction confirms our status as the only independent Stockbroking and Investment Management firm in the Channel Islands, a title of which we are extremely proud.’

The changes in share capital have been approved by the Guernsey Financial Services Commission, the Jersey Financial Services Commission and the United Kingdom Financial Conduct Authority.