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.
Established business with nationwide reputation. A client base offering extensive market-leading product range from well-fitted industrial warehouse, as well as office premises in convenient commercial location.
FREEHOLD
Very established craft bakery with impressive reputation and regular customer base offering wide range of premium quality products.
LEASEHOLD
With excellent year-round trade offering market-leading products and services from spacious, superbly fitted detached showroom premises on historic coastal town centre High Street.
FREEHOLD
27
|
Mar
|
Acquisitive IT firm makes latest deal after securing fresh funding | BUSINESS SALE
Everything Tech Group, an acquisitive Manchester-based manag...
27
|
Mar
|
Corby telematics firm sold to EOT | BUSINESS SALE
An international telematics company based in Corby has been ...
26
|
Mar
|
Fairstone completes latest acquisition with Nottingham deal | BUSINESS SALE
Financial planning consolidator Fairstone Financial Manageme...
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.