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Hay says business as usual over IFG deal with Bregal

The James Hay Partnership says its day-to-day operations will not change if parent company IFG Group is bought by private equity firm Bregal Capital.

IFG last week confirmed that it is in talks with Bregal over an acquisition worth £205m.

IFG said in May it was in talks with two firms, both believed to be private equity vehicles, about an acquisition.

The Bregal bid values the company at a 35 per cent premium compared with the average closing price of £1.18 a share for the three months to April 20.

Bregal has also offered a non-cash alternative for IFG shareholders to reinvest their offer proceeds in the bid vehicle.

A James Hay spokesman says: “Whatever the outcome of any possible acquisition of IFG Group plc, it will be very much business as usual for the James Hay partnership.”

IFG bought James Hay from Santander in March 2010 for £35m cash plus an adjustable payment for net assets of £3.9m. In February, James Hay and IPS Partnership Sipp were merged and rebranded as the James Hay Partnership.

Barretts Financial Solutions senior partner Kim Barrett says: “Obviously, James Hay wants things to remain as they are but until the new owners come in and lay out their agenda, it will be difficult to judge how it will be affected.”

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