REG - AJ Bell PLC - Sale of Platinum SIPP and SSAS business

AJ BellAnnouncement

27/03/2025 07:15

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250327:nRSa4269Ca&default-theme=true

RNS Number : 4269C  AJ Bell PLC  27 March 2025

27 March 2025

AJ Bell plc

Sale of Platinum SIPP and SSAS business

 

AJ Bell plc ("AJ Bell" or the "Company") today announces it has agreed to sell
its Platinum SIPP and SSAS business ("AJ Bell Platinum"), part of its
non-platform business, to InvestAcc Group Limited ("InvestAcc") for a total
consideration of up to £25.0 million (the "Consideration"). The Consideration
will comprise £18.5 million upon completion; made up of £17.5 million in
cash and £1.0 million in new InvestAcc shares, and £6.5 million of deferred
consideration in cash, subject to certain conditions.

 

AJ Bell Platinum has 3,600 customers with £3.2 billion of assets under
administration which will transfer to InvestAcc on completion. This is
expected to happen in the second half of 2025. In the year ended 30 September
2024, AJ Bell Platinum contributed £10.0 million to non-platform revenue. The
sale does not impact our FY25 guidance.

 

On completion of the deal, a profit on disposal of up to £25.0 million less
associated transaction costs will be recognised. The disposal proceeds will
further strengthen AJ Bell's capital position, which will be flowed through
the Company's capital allocation framework.

 

 

Michael Summersgill, Chief Executive Officer at AJ Bell, commented:

"Our strategy is to provide easy-to-use, low-cost platform propositions using
a single, scalable operating model to capitalise on the significant long-term
growth opportunity in the UK investment platform market. The sale simplifies
our business model, enabling the management team to focus on AJ Bell's core
platform business, in line with our growth strategy across both the advised
and direct-to-consumer market segments."

 

"AJ Bell Platinum customers will continue to receive great service as part of
InvestAcc, an award-winning provider of bespoke SIPP and SSAS services, with a
track record of delivering excellent customer service."

 

 

Will Self, Chief Executive Officer at InvestAcc, commented:

 

"We are excited to announce the acquisition of the Platinum SIPP and SSAS
business from AJ Bell. Its exceptional service proposition and high-quality
products make it a perfect strategic fit for InvestAcc.

 

We look forward to collaborating with AJ Bell to ensure a seamless migration
and integration of AJ Bell Platinum customers and staff."

 

 

Fenchurch Advisory Partners is acting as financial adviser to AJ Bell.

 

 

Contacts:

 

AJ Bell

 

 ·             Mark Coxhead, Head of Investor Relations  +44 (0) 7761 513 512
 ·             Mike Glenister, Head of PR                +44 (0) 7719 554 575

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DISJRMMTMTITMFA