Legal & General Group Plc L&G to sell Suffolk Life to Curtis Banks (9532L)
15 Januar 2016 - 8:00AM
UK Regulatory
TIDMLGEN
RNS Number : 9532L
Legal & General Group Plc
15 January 2016
LEGAL & GENERAL TO SELL SUFFOLK LIFE TO CURTIS BANKS
Legal & General Group plc has today announced the sale of
Suffolk Life, one of the UK's leading providers and administrators
of SIPPs, to Curtis Banks Group plc for GBP45 million. The
acquisition is subject to an underwritten placing by Curtis Banks
Group plc, and regulatory approval, both of which are expected in
the first half of 2016.
Mark Gregory, Group Chief Finance Officer said: "Legal &
General is delighted to have played a part in the success of
Suffolk Life. It is a great business, but it is not core to our
focused strategy going forward. Teaming up with Curtis Banks will
help it to realise its strong potential, by creating one of the
UK's largest SIPP providers."
Chris Banks, Executive Chairman of Curtis Banks Group plc, said:
"We are delighted to announce the acquisition of Suffolk Life which
accelerates our strategy of becoming the leading full SIPP provider
in the UK. Suffolk Life is one of the oldest and most respected
brands in the SIPP industry, with an excellent reputation for
service and professionalism. We are delighted that Legal &
General has chosen us to take ownership of this business and
believe this reflects our strong standing and market
reputation."
Suffolk Life specialises in self-invested personal pensions
("SIPPs"), and administers around 26,500 plans, including 3,600
commercial properties. Assets under administration were GBP8.7
billion as at 30(th) November 2015. The business was established in
1971 and is based in Ipswich.
Legal & General is disposing of non-core businesses, and
focusing on core activities where we believe we can achieve
significant scale and attractive returns on capital. We disposed of
Legal & General France, Legal & General Ireland and Egypt
in 2015.
- ENDS -
For further information, please contact:
Investors:
Laura Doyle Head of Investor Relations 020 3124 2088
Stephen Thomas Investor Relations Manager 020 3124 2047
Media:
John Godfrey Corporate Affairs Director 020 3124 2090
Richard King Head of Group Corporate Communications 020 3124
2095
Notes to editors:
Legal & General Group Plc
Established in 1836, Legal & General is a leading provider
of insurance, savings and investment management products in the UK.
The Group has a market capitalisation of GBP14.3bn (as at 14
January 2016) and is responsible for investing GBP728bn worldwide
(as at 30(th) September 2015) on behalf of investors, policyholders
and shareholders. Legal & General has over seven million
customers in the UK for life assurance, pensions, investments and
general insurance plans and over one million customers in the US
who rely on us for life assurance. In 2014, Legal & General's
operating profit (on the IFRS basis) was GBP1,275m and earnings per
share were 16.70p for the period, an increase of 10% for both
respectively.
For more information on Legal & General, please see
http://www.legalandgeneralgroup.com/
Legal & General Group plc is being advised on the
transaction by Fenchurch Advisory Partners LLP.
Suffolk Life
Suffolk Life is one of the UK's leading providers and
administrators of SIPPs. The business is based in Ipswich with
approximately 240 employees, and manages around 26,500 plans with
assets under administration of GBP8.7bn as at 30(th) November 2015.
Suffolk Life has an award-winning proposition and has built a
strong reputation for SIPP property expertise. The business
administers full SIPPs on behalf of high net worth individuals and
mass affluent clients and distributes exclusively through external
financial advisers. Suffolk Life also provides SIPPs for platforms
and has a contract for the provision of SIPPs for the Cofunds
platform.
Curtis Banks Group plc
Curtis Banks Group plc (AIM: CBP) is one of the UK's largest
providers of full SIPPs and Small Self-Administered Pension Schemes
("SSAS") with over GBP9bn of assets under administration. The
business commenced trading in 2009 and has successfully grown both
organically and through acquisition. Curtis Banks employs
approximately 270 staff in its head office in Bristol and regional
offices in Dundee and Market Harborough.
For more information, please see
http://www.curtisbanks.co.uk/
Forward-looking statements
This announcement may contain certain forward-looking statements
relating to Legal & General, its plans and its current goals
and expectations relating to future financial condition,
performance and results. By their nature, forward-looking
statements involve uncertainty because they relate to future events
and circumstances which are beyond Legal & General's control,
including, among others, UK domestic and global economic and
business conditions, market related risks such as fluctuations in
interest rates and exchange rates, the policies and actions of
regulatory and Governmental authorities, the impact of competition,
the timing impact of these events and other uncertainties of future
acquisition or combinations within relevant industries. As a
result, Legal & General's actual future condition, performance
and results may differ materially from the plans, goals and
expectations set out in these forward-looking statements and
persons reading this announcement should not place reliance on
forward-looking statements. These forward-looking statements are
made only as at the date on which such statements are made and
Legal & General Group Plc does not undertake to update
forward-looking statements contained in this announcement or any
other forward-looking statement it may make.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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