The directors and venture capitalist Pi Capital now own 100 per cent of the business.
Thomsons Online Benefits uses internet technology to help companies offer benefits to employees online. The move will see it open up its services to other IFA firms.
Thomsons Online benefits was founded in 2000 as an offshoot of Thomsons Emp-loyee Benefits, part of Thomson’s IFA. The whole group was bought by German adviser group AWD Holding AG in 2001. The AWD group has 5,500 advisers across Europe. Thomsons Online Benefits will keep its name. Its clients include MTV, Smith and Nephew, Reed, Regus and Vanco. Thomsons Employee Benefits was created in 1997 after an MBO of the groupled by current AWD chief executive Douglas Gardner. TEB made some significant acquisitions, including the Sipp, SSAS and group business of Pointon York.
AWD chief executive Douglas Gardner says: “At AWD, we are passionate about our independence from product providers. This is a crucial driver for our business. As the Thomsons Online Benefits’ business has grown in to the market-leading online benefit platform, it has become inc- reasingly difficult for us to maintain our independent stance when selecting an online benefit provider.”