Curtis Banks buys Suffolk Life Group in £45m deal

Curtis Banks said the acquisition will be funded by an underwritten placing of 8,437,500 new ordinary shares of 0.5p each in Curtis Banks at 320p per placing share, plus a new debt and revolving credit facility.

The enlarged business will have assets under management of about £18bn and more than 65,000 SIPPs under administration.

The deal will make Curtis Banks the second largest independent full SIPP provider in the UK.

Curtis Banks said the continued growth of the group would be good news for all of its divisions, including Dundee and across its workforce of about 270.

The head office is in Bristol and there is another regional office in Market Harborough in Leicestershire.

The enlarged organisation will have pro-forma assets under administration of approximately £18 billion and more than 65,000 SIPPs under administration.

Adding the 240 Suffolk Life staff in Ipswich, the combined workforce will rise to around 500.

Chris Banks, executive chairman of Curtis Banks, said: “Suffolk Life is one of the oldest and most respected brands in the SIPP industry, with an excellent reputation for service and professionalism.

“We are delighted Legal & General has chosen us to take ownership of this business and believe this reflects our strong standing and market reputation.

“We believe that Suffolk Life has a strong heritage, culture and client focus which we share at Curtis Banks.

“We will retain Suffolk Life’s headquarters in Ipswich and believe there will be continuity for clients and exciting opportunities for Suffolk Life’s management and employees as part of the enlarged group.”

Mark Gregory, group chief finance officer of Legal & General, added: “We are delighted to have played a part in the success of Suffolk Life.”

He added: “It is a great business, but it is not core to our focused strategy going forward.”

The acquisition is subject to approval by the Financial Conduct Authority and the Prudential Regulation Authority.