Sipp provider Hornbuckle Mitchell has put itself up for sale and appointed Ernst & Young to deal with offers from potential buyers.
Hornbuckle employs 170 staff and administers 8,500 pension schemes with a total asset value of over £2bn. Its accounts for the year ending December 2007 show profits of more than £1m.
Sipp specialist Suffolk Life recently fetched £62m in a sale to Legal & General and it is thought that Hornbuckle Mitchell could attract bids of at least £40m.
Managing director Dave White, who took over in April following the death of former MD Neil Marsh, says: “Our board is in the process of appointing an adviser, Ernst & Young, to conduct a strategic review of our options for the future of the business. This reflects the board’s continuing focus on making decisions that enhance the interests of clients, employees and shareholders.”
Suffolk Life director of sales and marketing John Moret says: “It is increasingly important for life companies to have a presence in the growing Sipp market and one way of doing this is through acquisition.”