Wed, 21 Jul 2010 | BUSINESS SALE
A management buyout of Simcocks Pensions Ltd has been announced. The business, which is based in Athol Street, Douglas on the Isle of Man, is now called Equilibrium Pensions Limited.
The deal means that 100 per cent of the shares in the Island-based pensions firm are owned by the management team.
Phil Games, chief executive of Simcocks Group, said the deal would provide the management team with a greater incentive to develop the business, and the close ties and goodwill between Simcocks Advocates and Equilibrium Pensions would continue.
Tim Boles, who is managing director of the new company said, “I am very happy with the deal which will promise growth for Equilibrium Pensions and which could include potential acquisitions and new employment opportunities within the organisation.”
The firm has become one of the largest independent international pension businesses on the Isle of Man. Joining the board of Equilibrium Pensions is Nigel Bunting, former sales director of Suffolk Life, a leading UK pension provider before it was sold to Legal and General for £62 million in March 2008. Barry Watts, Paul Crocker and Robert Currey will also be joining the board.
Mr Boles confirmed that new bespoke pension products, which are new to the island, are in the pipeline and that there is very much an international focus to the company's activities,
with clients across the world in places as diverse as European countries, Chile and South Africa.
Managing director Tim Boles said, “The success of Simcocks Pensions can be attributed to the drive, talent and committed attitude of the senior management team and staff. The management buyout recognises this dedication and will enable management to reap the rewards that these skills will inevitably create,” he added.
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