GE Life is injecting a multi-million pound sum into IFA The Bureaux Group to fuel an organic expansion plan with the target of Aim listing in five years.
The deal gives GE Life, which is part of one of the world's biggest companies, an option on shares in the specialist IFA that comprises The Annuity Bureau, The Drawdown Bureau and The Care Funding Bureau. GE Life says it will not interfere with the management of the firm.
The cash injection of an undisclosed seven-figure sum, will allow The Bureaux to add to its current 18 advisers, with new and existing advisers offered participation in the firm's success through a new share investment plan.
The Bureaux says it is pleased to have gone through GE Life's thorough due diligence procedures without having to change its business model.
The Bureaux managing director Peter Quinton says: “There is a significant synergy with GE Life which is a key provider in the at-retirement market. But the structure of this deal means The Bureaux will remain truly and firmly independent.”
GE Life chief executive Scott Dolfi says: “This deal is not about buying an IFA, it is about investing in a business that we believe is well run and has potential to expand. We believe that advisers are best placed to run their own businesses.”