23rd Jul 2020 20:41
(Alliance News) - Curtis Banks Group PLC on Thursday announced the acquisition of two companies and completed a GBP25 million equity placing to fund one of the two deals.
The Bristol-based self-invested personal pension provider said it has entered into agreements to acquire Talbot & Muir Ltd, for an initial GBP16.5 million, as well as the fintech provider Dunstan Thomas Group Ltd, for an initial consideration of up to GBP21.5 million.
The group plans to fund the acquisitions through existing cash and the equity placing.
Talbot & Muir is a SIPP and small self administered scheme products provider and Dunstan Thomas is a fintech provider delivering technology and business solutions for wealth managers, platforms and providers.
Talbot & Muir has approximately GBP3.6 billion in assets under management as of December 31 last year and adds 6,600 plans to Curtis Banks.
Curtis Banks Chief Executive Will Self said: "Talbot & Muir and Curtis Banks are comparable in terms of culture, service offering, distribution routes and client base and further consolidates our market position as one of the largest UK providers of SIPPs and SSAS products. We are confident this bolt-on acquisition will deliver materially enhanced earnings for Curtis Banks.
Later on Thursday, Curtis Banks said it completed a placing of 11.9 million shares at 210.00 pence each, raising GBP25 million.
Shares in the company closed 5.0% lower at 220.33p each in London on Thursday.
By Greg Roxburgh; [email protected]; Updated by Eric Cunha; [email protected]
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