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.
Long established and highly profitable on-line retailer of premium quality rattan/wicker home furniture/storage products. Established as one of the country's leading suppliers of a large range of rattan products for the modern home. The products are...
RELOCATABLE
The company specialises in domestic and industrial garden machinery, cleaning equipment, spares and parts. Products include, pressure washers, vacuum cleaners, hedge trimmers, strimmers and heaters.
LEASEHOLD
A market-leading retailer of a diverse range of DIY products for clients throughout the UK. Functions as a one-stop shop for all of its clients’ requirements, providing complete solutions.
FREEHOLD
|
24
|
|
Feb
|
Nestlé acquires recipe kit firm SimplyCook | BUSINESS SALE
Nestlé has strengthened its position in the e-commerc...
|
23
|
|
Feb
|
Lockdown exit: What does the road map look like for UK businesses? | BUSINESS NEWS
After a winter spent almost entirely in lockdown, the govern...
|
22
|
|
Feb
|
Modular Group acquires Euramax Solutions with BFS backing | BUSINESS SALE
Modular Group Investments has acquired Barnsley-based window...
Sign up to receive our acquisition alert emails to get your FREE guide
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