Nucleus has agreed to acquire Curtis Banks Group, the Bristol-based SIPP and SSAS provider, in a deal worth £242m, subject to shareholder and regulatory approval.
Curtis Banks’ board have recommended that shareholders approve the prospective deal. If it goes ahead, the acquisition will likely close Q2 this year.
Nucleus has plans to launch a retirement-focused adviser platform with £80bn assets under management by drawing upon Curtis Banks’ SIPP and SSAS technology.
Nucleus Group CEO Richard Rowney said: “Our ambition remains to create the UK’s leading platform, exclusively for financial advisers to help them make retirement more rewarding for their customers.
“We’re already demonstrating the benefits of scale, enabling investment in technology, people, products, price and service.”
David Barral, Executive Chairman of Curtis Banks, said: “The Board of Curtis Banks is pleased to be recommending the Nucleus Group’s offer for the company, which represents a significant premium in cash and offers certain value for our shareholders.
“Curtis Banks recognises Nucleus’ established reputation and strength in the adviser platform market, as well as our shared customer-centric approach and aligned corporate values. The Combined Group’s greater scale, efficient platform, broader product proposition and enhanced ability to invest in technology and service will benefit all stakeholders.”
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Louise Jeffreys is managing director of Gunner & Co, an IFA broker with values based on strong relationships built on trust, credibility and value.
Gunner & Co. specialise in IFA sales, IFA business sales, retiring IFAs and IFA client bank sales.