• Curtis Banks to acquire Dunstan Thomas Holdings Limited and Talbot and Muir
• Santander UK to provide £30m facility as part of the acquisition
• Announcement comes the same week as a major review of UK pension freedoms is launched
Leading self-invested pension specialist (SIPP), Curtis Banks, has secured a £30m finance facility to acquire Dunstan Thomas Holdings Limited (DTG), a fintech specialist.
The facility from Santander UK, marks a significant acquisition for Curtis Banks bringing together the very latest financial technology with market leading SIPP and SSAS products and services. This latest funding also refinances existing Santander UK facilities which supported Curtis Banks’ acquisition of Suffolk Life in 2016 and provides headroom for additional growth.
Founded in 2009, Curtis Banks Group has successfully grown through a combination of organic and acquisitive growth to become one of the UK’s largest independent SIPP and SSAS providers. It serves more than 76,000 clients, holds £29.1bn of assets under administration and became AIM listed in 2015. Dunstan Thomas Group ‘DTG’ is headquartered in Portsmouth and is the largest IT services provider in the pension space, employing around 100 people.
Santander has banked the pension specialist since 2012 and previously provided facilities for Curtis Banks to acquire Suffolk Life – a pensions administrator – in 2016 through a £15m term loan and £8.3m revolving credit facility.
Will Self, Chief Executive of Curtis Banks, said: “Our longstanding and valued partnership with Santander has helped grow our business significantly over the last decade. This acquisition is the latest demonstration of Curtis Banks’ determination to deliver growth through organic, acquisitive and diversified means. We look forward to continuing our long and fruitful relationship that supports us in achieving our growth aspirations.”
Simon Whyatt, Relationship Director, Santander UK, said: “Curtis Banks Group plc continues to deliver impressive growth in the SIPP market. We are delighted to be working with an excellent management team and to have been able to support them through previous acquisitions and the current acquisition of Dunstan Thomas Group.”
The news comes five years since the UK Government changed pension freedom laws, granting people aged 55 and above more choice about how they accessed their defined contribution (DC) pensions. To take stock on how these enhanced freedoms have impacted customers across the UK, the UK Government’s work and pensions select committee this week announced a broad review.
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