Bristol financial services firm sold in £242m deal

A Bristol based financial services firm looks set to be sold for £242m after the deal was recommended to shareholders.

Scottish company Nucleus has agreed a deal to purchase the AIM listed Curtis Banks.

According to the directors of Nucleus the deal will create a retirement-focused adviser platform with an estimated £80bn of assets under administration.

The board of Curtis Banks, which has its head office at Temple Quay, has recommended the offer for shareholders approval.

This morning it was announced the chief executive of Curtis Banks David Barral is to step down from his role.

Peter Docherty will take over as  interim chief executive and an executive director of the group with immediate effect, pending regulatory approval.

The appointment will result in David Barral reverting to the role of non-executive chairman with effect from next month.

Docherty has over 20 years of experience in financial services, having most recently been the chief executive and managing director of the Embark Platform during which time he led a significant increase in customers and assets under administration driven by organic growth and integration initiatives.

Previous positions include the roles of chief executive and chief risk officer of Alliance Trust Savings Limited.

David Barral said: “Peter is a highly capable senior executive with an impressive track record in leadership, transformation, operations and delivering results.

“He joins us at an exciting time as we work towards the completion of the acquisition by Nucleus. Having an experienced CEO at the helm is an important step in strengthening our leadership team and allows me to step back into my role as non-executive chairman.”

Peter Docherty added: “I am excited to join Curtis Banks at this critical juncture for the Company and following the announcement of the proposed acquisition by Nucleus. Curtis Banks has been at the forefront of retirement solutions in the UK wealth market and has the capabilities, competitive position and talent to build momentum and capitalise on the opportunities that exist in its core market segments. I am delighted to lead the business through the next stage of its growth journey.”

If the deal is approved Curtis Banks shareholders would be entitled to receive £3.50 in cash per share.

If shareholders approved the deal it is expected to go ahead in the  second quarter of the year.

David Barral, the executive chairman of Curtis Banks, said: “The board of Curtis Banks is pleased to be recommending the Nucleus Group’s offer for the company, which represents a significant premium in cash and offers certain value for our shareholders.

“Curtis Banks recognises Nucleus’ established reputation and strength in the adviser platform market, as well as our shared customer-centric approach and aligned corporate values. We believe that the combined group’s greater scale, efficient platform, broader product proposition.”

Richard Rowney, group chief executive of the Nucleus Group, said: “Our ambition remains to create the UK’s leading platform, exclusively for financial advisers to help them make retirement more rewarding for their customers.

“As one of the UK’s largest independent SIPP and SSAS providers, Curtis Banks not only adds significant scale to our business, but will complement our existing expertise and benefit our combined adviser base providing added flexibility and optionality.”

Curtis Banks was launched in  2009 and subsequently floated on the AIM market in 2015. It currently manages approximately £37bn of assets and works with around 79,000 customers.