Tue, 29 Oct 2019 | BUSINESS SALE
Retail investment platform Interactive Investor (II) has announced the sale of the advisory and partnerships businesses of Dundee-based Alliance Trust Savings to the Embark Group.
The deal, for an undisclosed amount, includes the transfer of all ATS staff and buildings, ensuring the retention of high-skilled jobs in Dundee. The ATS buildings will also now become Embark’s corporate headquarters.
The sale also sees II sell off the advised assets it inherited when it acquired ATS from Alliance Trust, a deal which was completed in June of this year.
Interactive Investor Chief Executive Richard Wilson commented that the deal “is a good result for all concerned”, describing Embark as “the right partner to take the advisory and partnership business forward, with Dundee remaining an important platform and employment centre.”
Wilson added, “The ATS jobs have been protected which was a key consideration and I have no doubt they will take the business from strength to strength.”
Meanwhile, Embark Group chief executive Phil Smith said: “This acquisition presents a perfect opportunity to accelerate our growth strategy by acquiring a book of platform assets with high SIPP penetration, as well as complementary distribution relationships.”
Scottish Business Minister Jamie Hepburn said of the deal: “Embark’s plans to retain the site in Dundee is good news for employees and for the economy of the city,” adding that the “Scottish Government, Scottish Enterprise and Scottish Development International have been working closely with the company and will continue to provide support going forward.”
The divestment enables Interactive Investor to continue to focus on the UK’s direct-to-consumer (D2C) market, having completed the migration of ATS’ D2C customers to its own platform earlier this month.
Excellent local Post Office and fully licensed convenience store situated in this commanding main road trading position in the centre of a well populated residential area.
Situated in this idyllic village setting, quaint village on the edge of the North Yorkshire Moors and Howardian Hills approximately 20 miles North of York provides the owners with a fabulous place to work and live.
This highly regarded animal and farm supplies business and property which was established in the 1960’s and has been under the same ownership for the last 35 years. From its base in West Yorkshire, the business supplies many surrounding rural farming...
RELOCATABLE
29
|
Sep
|
Bristol law firm acquired out of administration | BUSINESS SALE
A law firm based in Bristol has been sold out of administrat...
29
|
Sep
|
Midlands accountancy secures PE backing for M&A growth drive | BUSINESS NEWS
Midlands accountancy firm BK Plus has secured investment fro...
28
|
Sep
|
UK MarTech acquires B2B marketing platform out of administration | BUSINESS SALE
Jabmo, a business to business (B2B) account-based marketing ...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.