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Money Portal purchase of B-A completes

Money Portal’s £14.2m purchase of Burns-Anderson completed yesterday as the group received its green light from the FSA.

Having been given regulatory and shareholder approval, Money Portal issued a statement yesterday confirming the acquisition, as first revealed in Money Marketing last November.

Money Portal head of corporate affairs Richard Pearson says: “We have now completed the two conditions required for us to finalise the acquisition of Burns-Anderson Plc, namely shareholder and regulator approval. Whilst the addition of B-A to the group will have no immediate impact on either the Bates or Sage communities, this represents an excellent opportunity to consolidate our position as a leader in the sector.”

Burns-Anderson says it will continue with its current levels of service and personal approach but will now enjoy the benefits of having the financial support of a larger group.

B-A chief executive Mike Hughes says: “It is a relief. I have been speaking to 430 shareholders on almost a daily basis, it is a relief to be able to tell them they will now receive their money.

“We are about to go out and see members now to explain that they will still get all the benefits of what Burns-Anderson has always done and will continue to do. But now we get the additional benefits of being part of the larger group.”

Money Portal head of strategy and distribution Alan Easter says: “We are delighted that the process is nearing its completion and it is a testament to Money Portal’s financial strength and business model that even in these turbulent times an acquisition like this can be completed.”

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