Tue, 23 Apr 2013 | BUSINESS SALE
Ashcourt Rowan is set to sell its pension trustee companies, which include Ashcourt Rowan Administration, to Mattioli Woods.
Collectively the deal is thought to be worth in the region of £1.3 million and will include Ashcourt Pension Trustees and Robinson Gear Management Services, as well as some of the company's trade and assets of its pension administration business.
The group's chief executive, Jonathan Polin, said that the deal will allow the group to focus more on its core activities. He announced: “As Ashcourt Rowan continues to make significant strides across its business unities, it is important as a management team we focus on our core.
“The administration of SIPP (self invested pensions) and SSAS (small self administered schemes) is not core to our business. We have found a strategic partner with the expertise, scale and systems to give the very best service to our clients.”
The sale is to comprise of an initial consideration of £700,000. But this will be subject to adjustment for the value of working capital acquired. A further deferred consideration of up to £625,000 will be delivered five years after completion subject to certain revenue and client retention targets.
Clients of both SIPP and SSAS will continue to receive their financial planning and portfolio management services from Ashcourt Rowan Asset Management and Ashcourt Rowan Financial Planning. Meanwhile, the administration of their pensions will be shifted to City Trustees, Mattioli Woods' pension administration and trustee services arm.
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