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A marketing services provider that assists charities and not-for-profit organisations with their fundraising and campaigning has been bought by its senior management. Pell & Bales, which lists Cancer Research UK, Oxfam and the NSPCC among its clients, was sold by its co-founder for an undisclosed sum.

The buy-out team, which was led by chief executive Karl Holweger, invested in the deal alongside Iceni Capital LLP, a private equity firm targeting service-based businesses. Debt was supplied by The Royal Bank of Scotland.

Iceni has taken a majority shareholding in the business following its investment, with management holding the balance. Iceni’s funding was co-ordinated by partner Christopher Samler, who has become Pell & Bales’ chairman.

Under the terms of the funding agreement, the buy-out team has received capital to expand the business’ operations, develop its products and services as well as to set up new sites.

The company was sold by Simon Pell, who co-founded of the business 17 years ago with Kevin Bales. Pell has left the business following the completion of the deal.

Headquartered in London, Pell & Bales operates from four sites in the UK providing customer relationship-management consulting, data management as well as telemarketing to charities, public and not-for-profit clients.

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