Sipps provider Curtis Banks lists on AIM

Curtis Banks raised £7.5m before expenses as it floated on the Alternative Investment Market on 7 May.

According to a statement to the market, the Sipp provider launched on Aim with a market capitalisation of £85m.

The specialist Sipp administrator, which has 26,000 clients and claims to be the third largest dedicated provider of full Sipps in the UK, was set up in 2009.

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In the past six years it has acquired five client books and expects to complete further acquisitions as part of its ongoing growth strategy.

Rupert Curtis, managing director of Curtis Banks, said the additional pension freedoms introduced in the 2014 budget which came into effect on 6 April 2015 would increase the popularity of Sipps.

He said: “These, and recent regulatory changes, have resulted in increasing demand for high-quality Sipp administration services. Curtis Banks is well positioned to benefit from the changes in the market, presenting both organic growth opportunities and the ability to act as a consolidator in the industry.”

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The company had raised £7.5m before expenses through conditional placing by the company through stockbroker Peel Hunt.

Total issued share capital of the company is 44,747,369, giving the company a market capitalisation at the placing price of about £85m.

It raised £7.5m listing on Aim.