Curtis Banks confirms bid strategy from Nucleus

SIPP and SSAS supplier Curtis Banks confirmed right this moment that it was in “superior discussions” a few doable provide being made for the enterprise by platform supplier Nucleus.

Nucleus additionally confirmed right this moment that it was in talks with Curtis Banks a few potential money provide for the corporate however declined to remark additional. 

Curtis Banks stated right this moment it had acquired an strategy from the platform agency however added in an announcement: “There might be no certainty that a proposal will probably be made, nor as to the phrases of any such provide. Accordingly, shareholders are suggested to take no motion presently. An additional announcement will probably be made as acceptable.”

According to the code on takeover and mergers, Nucleus should both announce a agency intention to make a proposal by 5pm on 23 December or announce that it doesn’t intend to make a proposal.

This deadline can solely be prolonged with the consent of the Takeover Panel.

Because of the announcement a proposal interval is now in impact.


Curtis Banks, one of many UK’s main SIPP suppliers, has grown strongly in recent times by natural progress and by acquisition.

Nonetheless, in March it reported solely a modest 4.7% rise in pre-tax income to £14m as SIPP numbers fell yr on yr by 2,544. The variety of SIPPs run or administered by the agency fell from 82,224 in 2020 to 79,679 in 2021 regardless of the agency making two acquisitions in 2020.

The agency blamed the next attrition price and the impression of Covid-19 for the autumn and stated it anticipated restoration.

In 2021 Curtis Banks acquired rivals Dunstan Thomas and Talbot and Muir.

Curtis Banks additionally suffered a setback in August, when its CEO Will Self left the corporate with instant impact.

His function was taken briefly by director David Barral who was appointed govt chairman, a task he nonetheless holds, till a successor was discovered. No announcement a few new CEO has but been made.

Nucleus has itself been acquired twice previously yr. Personal fairness funding agency HPS Funding Companions bought a majority stake within the adviser platform in March for an undisclosed sum.

The transfer got here simply over a yr after Nucleus was bought to Epiris-owned rival platform James Hay for £145m in an all-cash deal. Personal-equity agency Epris retained a big minority stake in Nucleus after the sale.

Quite a few personal fairness and funding corporations had been reported to be curious about taking a stake in Nucleus, together with Goldman Sachs.

• It is a growing story, please test again for updates.






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