Tue, 13 Sep 2011 | BUSINESS SALE
Bosses at pension company, Pointon York, have confirmed that they are to begin a formal sale process for the firm, after managing to cut the business’s operating losses by 66 per cent.
Chairman Geoffrey Pointon announced the news of the forthcoming sale in his statement of the company’s results for the revised reporting period of the 14 months to March 2011.
He explained that the business – which specialises in providing self-invested personal pensions (Sipps) – had seen revenue grow by 27 per cent in the period, compared to the previous year, from £3.1 million to £3.9 million. The fall in operating losses brought them down from £292,000 during the previous year to £98,000.
Mr Pointon said the Market Harborough-based company had "received several confidential approaches" from companies, concerning a potential takeover, and they were in a position to begin the formal process.
He explained that a sale would allow the company to capitalise on the new distribution strategy that has been responsible for turning around their results. He said they had allowed Pointon York to "seek partnerships with IFA networks and platforms with a view to providing much greater reach and penetration into the intermediary market place".
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