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Thinc gets &#39massive backing&#39 for major acquisition drive

Multi-distribution platform Thinc Group is set to announce “massive institutional backing” which will allow it to expand aggressively both through acquisition and poaching rivals&#39 advisers.

The firm, which made the announcement to its staff at its annual conference last week, would not confirm who the backer is but says it plans to announce in the next few weeks who is providing the funding for what it says will be a major acquisition drive.

Thinc also announced it has bought employee benefits consultancy CCF Group, which will head a new employee benefits division. The firm, acquired for a substantial amount of cash and shares, will service the large number of small defined-benefit schemes which Thinc says are currently not receiving adequate advice.

The group, which comprises an IFA, a multi-brand business which will become multi-tied, a mortgage broker, a commercial lender and now the employee benefit division, has £750m under management and 130 RIs and says it is on track to reach 220 advisers by the end of the year.

Its multi-brand side is currently tied to Zurich, where many of the senior staff have come from, although it already operates a panel for protection and plans to create its own multi-tie following depolarisation.

Its IFAs have average annual turnover of £140,000 with its multi-brand advisers averaging £80,000.

Chief operating officer Simon Chamberlain says: “We have secured massive institutional backing for acquisition without dilution of our shares. We will make a formal announcement in the next few weeks.”


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EEF/Jelf Employee Benefits Sickness Absence Survey 2015

EEF stated in its 2015 EEF Manifesto that the UK’s growth prospects depend on people being fit, working and productive. Keeping people in work and helping people return to work is very important for the manufacturing sector. It means boosting productivity by getting people back into work as early as is possible, as well as fostering workplace cultures and environments that proactively manage individuals’ health conditions so that all can benefit from lower sickness absence outcomes.


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