Corporate pension IFA Alexander Forbes Financial Services has bought specialist at-retirement firm The Annuity Bureau and its three sister companies for an undisclosed fee.
The deal sees all four bureaux – The Annuity Bureau, The Drawdown Bureau, The Care Funding Bureau and The Investors Bureau – continue trading under their existing brands.
The Bureaux managing director Peter Quinton will keep his role and get a seat on the board of AFFS. The addition of The Bureaux's 14 RIs will bring the total RI numbers to around 90.
GE Life, which last April injected a seven-figure sum into The Bureaux on the basis of a loan in return for an option on shares, will cease to have any interest in the firm.
AFFS wants to use The Bureaux's systems and expertise to target what it sees as a growing at-retirement market.
It says it expects the addition of The Bureaux to help push its turnover from £19m in 2003 to £27m this year. The Bureaux's last accounting year ran for 15 months from January 2002 to March 2003 when it achieved turnover of £3.53m and a pre-tax loss of £211,000.
Quinton says: “We have built The Bureaux up to be recognised as the leading specialist in the preand post-retirement market. By joining AFFS, we gain the critical mass and financial backing to be able to take the business forward another major step.”
SFFS managing director Tim Morgan says: “I am impressed with their knowledge and systems and the deals they are able to get are better than most other IFAs could achieve.”