Tue, 29 Oct 2019 | BUSINESS SALE
Retail investment platform Interactive Investor (II) has announced the sale of the advisory and partnerships businesses of Dundee-based Alliance Trust Savings to the Embark Group.
The deal, for an undisclosed amount, includes the transfer of all ATS staff and buildings, ensuring the retention of high-skilled jobs in Dundee. The ATS buildings will also now become Embark’s corporate headquarters.
The sale also sees II sell off the advised assets it inherited when it acquired ATS from Alliance Trust, a deal which was completed in June of this year.
Interactive Investor Chief Executive Richard Wilson commented that the deal “is a good result for all concerned”, describing Embark as “the right partner to take the advisory and partnership business forward, with Dundee remaining an important platform and employment centre.”
Wilson added, “The ATS jobs have been protected which was a key consideration and I have no doubt they will take the business from strength to strength.”
Meanwhile, Embark Group chief executive Phil Smith said: “This acquisition presents a perfect opportunity to accelerate our growth strategy by acquiring a book of platform assets with high SIPP penetration, as well as complementary distribution relationships.”
Scottish Business Minister Jamie Hepburn said of the deal: “Embark’s plans to retain the site in Dundee is good news for employees and for the economy of the city,” adding that the “Scottish Government, Scottish Enterprise and Scottish Development International have been working closely with the company and will continue to provide support going forward.”
The divestment enables Interactive Investor to continue to focus on the UK’s direct-to-consumer (D2C) market, having completed the migration of ATS’ D2C customers to its own platform earlier this month.
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