Wed, 21 Jul 2010 | BUSINESS SALE
A management buyout of Simcocks Pensions Ltd has been announced. The business, which is based in Athol Street, Douglas on the Isle of Man, is now called Equilibrium Pensions Limited.
The deal means that 100 per cent of the shares in the Island-based pensions firm are owned by the management team.
Phil Games, chief executive of Simcocks Group, said the deal would provide the management team with a greater incentive to develop the business, and the close ties and goodwill between Simcocks Advocates and Equilibrium Pensions would continue.
Tim Boles, who is managing director of the new company said, “I am very happy with the deal which will promise growth for Equilibrium Pensions and which could include potential acquisitions and new employment opportunities within the organisation.”
The firm has become one of the largest independent international pension businesses on the Isle of Man. Joining the board of Equilibrium Pensions is Nigel Bunting, former sales director of Suffolk Life, a leading UK pension provider before it was sold to Legal and General for £62 million in March 2008. Barry Watts, Paul Crocker and Robert Currey will also be joining the board.
Mr Boles confirmed that new bespoke pension products, which are new to the island, are in the pipeline and that there is very much an international focus to the company's activities,
with clients across the world in places as diverse as European countries, Chile and South Africa.
Managing director Tim Boles said, “The success of Simcocks Pensions can be attributed to the drive, talent and committed attitude of the senior management team and staff. The management buyout recognises this dedication and will enable management to reap the rewards that these skills will inevitably create,” he added.
The company provides specialist cleaning services and maintenance of oil and gas rig equipment worldwide.. The business’s services include UHP, HP, ultra-sonic, and chemical cleaning and maintenance solutions.
The company provides specialist transport services between homes and schools that allow local authorities to fulfil their duty of care to children with special educational needs and disabilities (SEND).
An opportunity has arisen to acquire a company that recycles books, DVDs, CDs, and video games, selling via its website and other e-commerce platforms, as well as its own high street shop. Recycles in excess of 5m books per year, equivalent to over 1...
12
|
Feb
|
TBG Furniture secures new PE backing from Blandford Capital | BUSINESS SALE
TBG Furniture has secured new private equity backing from Bl...
11
|
Feb
|
Kara Healthcare expands with landmark acquisition | BUSINESS SALE
Kara Healthcare has bought seven care homes as it continues ...
11
|
Feb
|
PE group Endless sells Karnova Food Group to US outfit OSI | BUSINESS SALE
Private equity group Endless has sold Karnova Food Group to ...
12
|
Feb
|
TBG Furniture secures new PE backing from Blandford Capital | BUSINESS SALE
TBG Furniture has secured new private equity backing from Bl...
11
|
Feb
|
UK administrations update: February 4 – 11 | ADMINISTRATION
Since our last update, the following businesses have been co...
11
|
Feb
|
PE group Endless sells Karnova Food Group to US outfit OSI | BUSINESS SALE
Private equity group Endless has sold Karnova Food Group to ...
Business Sale Report is the complete resource for finding genuine 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.