Curtis Banks makes pair of acquisitions

Thu, 23 Jul 2020 | BUSINESS SALE

Self-invested personal pension (SIPP) specialist Curtis Banks will acquire rival provider Talbot and Muir and fintech company Dunstan Thomas in deals totalling almost £53 million. Talbot and Muir will be acquired for an initial £16.5 million, potentially rising to £25.3 million, while Dunstan Thomas will cost an initial £21.5 million, rising to £27.5 million.

Talbot and Muir is based in Nottingham and Leeds and provides SIPPs and Small Self Administered Scheme (SSAS) products, Dunstan Thomas is based in Portsmouth and provides technology and business services used by wealth managers, as well as platforms and providers.

Curtis Banks Chief Executive Will Self said: "We continue to look for the right types of business to grow Curtis Banks in the right way and believe Talbot and Muir and Dunstan Thomas are excellent strategic fits.”

"Talbot and 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.”

"We recently invested in a new digital platform, underpinning the launch of Your Future SIPP, and bringing Dunstan Thomas into our Group will deliver on our stated growth strategy. Dunstan Thomas is a fintech provider, and as our largest supplier we've worked with them for more than five years now.”

"We see Dunstan Thomas as a core enabler for our future growth, delivering solutions that support advisers and their high net worth and mass affluent clients, both within our current market and more broadly to the financial services market. We are very excited to have this business as part of the Curtis Banks Group."

In its most recent accounts, to the year ending December 31 2018, Curtis Banks reported revenue of £21.9 million and profit before tax, non-recurring costs and amortisation of £6.5 million. The company’s total assets were valued at £28.7 million.

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