Hargreaves Lansdown was founded in a spare room at Mr Hargreaves’ home in the leafy suburb of Clifton, Bristol, and is still based nearby.
Having prospered from the 1980s stock market boom during the Thatcher years, the pair grew the company into middle England’s favourite share trading platform with nearly 2m customers. They made a significant sum when they floated the business on the London stock market in 2007.
Both men have stepped back from the business in recent years, although Mr Hargreaves has remained a constant presence, criticising previous management for a share price slide and underperformance.
Mr Lansdown has pursued his sporting interests, buying significant stakes in Bristol’s rugby team Bristol Bears and Bristol City FC.
Hargreaves’ board of directors, led by Alison Platt, backed the 1,110p per share offer which values the FTSE 100 business at £5.4bn. Shareholders are also set to receive a 30p dividend per share.
The board said the company, which employs 2,000 people, needed more spending on IT upgrades and going off the stock market was the best option.