The consortium which is in the process of buying Hargreaves Lansdown, the funds supermarket, for more than £5bn is lining up a prominent former gambling executive as its new chairman.
Sky News has learnt that Richard Flint, a former boss of Sky Betting & Gaming, has been identified as the preferred candidate to replace Alison Platt, who steered Hargreaves Lansdown through its final year as a London-listed company.
Sources close to the process said that Mr Flint’s appointment would be subject to approval from the Financial Conduct Authority (FCA).
Mr Flint has had a long-standing connection to CVC Capital Partners, the private equity firm spearheading the bidding syndicate.
One insider said his experience working with businesses operating in highly regulated markets would serve Hargreaves Lansdown and its new shareholders well.
In addition to SkyBet, Mr Flint has been a non-executive director of Flutter Entertainment, the owner of Paddy Power and Betfair.
His current board roles include the chairmanship of dog food subscription service Butternut Box and Seat Unique, the ticketing platform.
The takeover of Hargreaves Lansdown, one of Britain’s most prominent consumer-facing financial services businesses, is expected to be completed in the first quarter of 2025.
Alongside CVC, the other investors are the Abu Dhabi Investment Authority and Nordic Capital.
Peter Hargreaves, one of the co-founders of Hargreaves Lansdown, has rolled part of his stake into the new ownership structure.
A spokesman for the consortium declined to comment.