Curtis Banks Group PLC Completion of Suffolk Life acquisition (2788Z)

TIDMCBP

RNS Number : 2788Z

Curtis Banks Group PLC

25 May 2016

25 May 2016

Curtis Banks Group plc

("Curtis Banks", the "Company" or the "Group")

Completion of Suffolk Life acquisition

Curtis Banks Group plc, one of the UK's leading SIPP providers is pleased to announce that, following the approval of Change of Control from the Financial Conduct Authority and the Prudential Regulation Authority, it has completed its acquisition of Suffolk Life Group Limited and its subsidiaries (together being "Suffolk Life") from Legal & General Retail Investments (Holdings) Limited.

The combined Curtis Banks and Suffolk Life Group now administers approximately 68,000 pension schemes with assets under administration of approximately GBP18bn. The Group employs over 500 staff in its offices in Bristol, Ipswich, Dundee and Market Harborough. The acquisition makes Curtis Banks the second largest dedicated independent SIPP provider in the UK, having achieved significant growth organically and through acquisition since it commenced trading in 2009.

Chris Banks, Chairman of Curtis Banks, commented:

"I am delighted that the acquisition of Suffolk Life has now completed. This is a very significant acquisition for the Group. My colleagues and I look forward to working with the skilled management team already in place at Suffolk Life in order to develop the potential of the combined Group for the benefit of clients, advisers, staff and shareholders."

"We are very pleased that Legal & General has chosen Curtis Banks to take ownership of this business and believe this reflects our strong standing and market reputation."

Will Self, Managing Director of Suffolk Life, added:

"Joining the Curtis Banks Group, with its strong focus on the advised retirement market will help Suffolk Life realise its strong potential. Over time the expected improvements will not only benefit advisers and their clients but will play an important role supporting the longer term ambitions of the Group."

For more information:

 
 Curtis Banks Group plc                         www.curtisbanks.co.uk 
 Rupert Curtis - Chief Executive Officer              Via Walbrook PR 
 Paul Tarran - Finance Director 
 
 Suffolk Life Group Ltd                          [phone] 
 Will Self - Managing Director 
 Gregory Kingston - Head of Marketing 
  & Product 
 
 Peel Hunt LLP (Nominated Adviser & 
  Broker)                                        [phone] 
 Guy Wiehahn / Rishi Shah 
 
 Walbrook PR                                     [phone] 
 Tom Cooper / Paul Vann                          [phone] 
                                            [e-mail] 
 

Notes to Editors:

Curtis Banks administers Self-Invested Pension products, principally SIPPs and SSASs. The Group commenced trading in 2009 and has successfully developed, through a combination of organic growth and acquisitions, into one of the largest UK providers of these products. The Group employs approximately 500 staff in its head office in Bristol and regional offices in Ipswich, Dundee and Market Harborough.

For more information - www.curtisbanks.co.uk

This information is provided by RNS

The company news service from the London Stock Exchange

END

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May 25, 2016 06:30 ET (10:30 GMT)