Deal imminent

Nucleus closes in on cash offer for Curtis Banks

pension advice
Pensions adviser Curtis is in the sights of Nucleus

Nucleus Financial Platforms, the Edinburgh wrap platform, has completed its due diligence on Curtis Banks, the self-invested personal pension (Sipp) provider and the parties are close to agreeing a takeover, according to a statement issued by Curtis.

Shares in Curtis Banks surged 26% on 25 November after it was confirmed that “advanced discussions” had taken place regarding a possible cash offer for the company.

Nucleus must now declare its intentions by 5pm on 9 January in accordance with Takeover Panel rules.

There can be no certainty that any firm offer will be made for Curtis Banks. A further announcement will be made as appropriate.

Bristol-headquartered Curtis Banks has been quoted on the AIM since 2015 and is one of the largest Sipp providers in the UK with more than £37.4bn of assets under administration. It also has offices in Bristol, Dundee, and Ipswich.

James Hay last year bought Nucleus, co-founded by now-departed David Ferguson, to create an enlarged financial services group.

In March 2022, New York-headquartered HPS Investment Partners (HPS) became a majority shareholder in Nucleus, while its previous majority shareholder, Epiris, retained a significant minority stake.

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