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Sesame in talks to acquire Bankhall and PMS

Sesame says it has entered into discussions with Skandia about acquiring Bankhall and PMS.

Chief executive Ivan Martin says under the proposed deal the Bankhall and PMS brands would be retained with the Bankhall brand used to drive forward the group’s support service offering.

Martin would not comment on how much Sesame would be looking to pay for the firms.

Sesame says the combined businesses would create a network of 3,000 ARs, 1,500 directly authorised firms, plus the UK’s largest mortgage distributor, with over £45bn in applications generated in 2008.

Martin says: “Bankhall’s brand has long been synonymous with quality; in any combined business Bankhall would continue to operate with its own staff and distinct propositions.

“At Sesame we believe strongly that networks will benefit from the changes proposed by RDR and we are committed to maintaining and growing our financial adviser and mortgage networks, both of which will continue to operate under the Sesame brand.

“The RDR presents both a major challenge and an opportunity for our profession and the Consultation Paper issued last Thursday makes it clear that significant investment will be required over the next three years.”

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