Investments  

Curtis Banks to buy more Sipp books with Aim float

Curtis Banks to buy more Sipp books with Aim float

Curtis Banks Group, the third largest provider of self-invested personal pensions in the UK, has today (28 April) announced it intends to trade on Aim.

The group is expected to raise £7.5m through the issue of new equity and to have a market capitalisation of about £85m on admission to Aim, with trading in the shares expected to commence on 7 May 2015.

Curtis Banks has bought five client books since it began trading in 2009 and expects to complete further acquisitions as part of its ongoing growth strategy.

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The firm said today (28 April) that Sipps have become a significant constituent of the pensions market, with about 1.2m Sipps in the UK, and further strong growth predicted, adding the recent inception of the pension freedoms are expected to increase their popularity.

Rupert Curtis, managing director of Curtis Banks, said: “Curtis Banks is an ambitious company. We have been successful in building the business to one of the biggest operators in the full Sipp market, however we believe that Curtis Banks has significant further potential.

“We can strengthen our growth plans by raising further capital and admitting our shares to Aim. The market for Sipps is growing rapidly and we anticipate that there will be increasing opportunities to develop new products and services, as well as further acquisition opportunities as regulatory changes come into force next year.”

ruth.gillbe@ft.com