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Bureaux are bought by Forbes

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&#39s 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&#39s 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&#39s 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.”

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