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Rickitt Mitchell completes £25.25m Talbot and Muir sale

Corporate finance adviser Rickitt Mitchell has advised pensions administrator Talbot and Muir on its £25.25m sale to the Curtis Banks Group plc, one of the UK’s largest independent SIPP operators.

Talbot and Muir is a Nottingham and Leeds based independent pensions administrator, founded by Graham Muir and Brian Talbot in 1993. Originally specialists in SSASs, the firm expanded its expertise to incorporate the SIPP product in 2000 due to demand from advisers. Working closely with intermediaries, the firm has grown its assets under administration to in excess of £3.4bn, administering over 7,000 pension schemes across the UK.

Founded in 2009, Curtis Banks is a specialist in both small self-administered pensions schemes (SSASs) and self invested personal pensions (SIPP), with over £29bn of assets under management. With more than 600 staff across offices in Bristol, Dundee and Ipswich, the firm has grown to become one of the UK’s largest independent SIPP operators, looking after more than 76,000 clients nationwide.

In 2015, the firm completed an IPO, listing on the London Stock Exchange’s Alternative Investment Market (AIM). Since listing, Curtis Banks has continue to grow organically and through acquisition, delivering year-on-year growth in key financial metrics.

The transaction, which is subject to regulatory approval, will include The Pensions Partnership business, which was acquired by Talbot and Muir in November 2019. Talbot and Muir staff will continue to operate out of the firm’s two offices in Nottingham and Leeds.

A team at Manchester-based Rickitt Mitchell, led by partner Neil Mitchell and including Adam Lovell and Rob Bennett, advised Talbot and Muir on the sale. The firm has demonstrated a strong track record for advising high growth management teams, working on high profile transactions for Van Elle, NCC Group and Veincentre in recent years.

Neil Mitchell said: “It was a pleasure working with the high calibre shareholder management team at Talbot and Muir. Graham, Brian and David Bonneywell have built one of the leading pension administration businesses in the UK, and this quality was highlighted by the level of interest in the company throughout the process.

“In Curtis Banks, we have found a buyer with the scale and strategic vision to take Talbot and Muir to the next stage of its growth journey, and we look forward to see the enlarged group develop over the coming years.”

Graham Muir, Talbot and Muir founder and shareholder, said: “As a business, we recognised the significant opportunity that Curtis Banks provides to scale up our operations and improve technology, but retain the personal approach to pensions administration that our business was founded on.

“In a competitive sale process, Rickitt Mitchell played a key role in managing the transaction. This not only minimised any disruption caused by the COVID-19 pandemic, providing maximum value for shareholders, but also achieved a strong outcome in the sale to Curtis Banks, ensuring that the future of the business passed to a good home.”

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27.07.20