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Ashcourt Rowan PLC Sells Personal Pensions Administration Business to Mattioli Woods Plc for Up to GBP 1.325 Million


Tuesday, 23 Apr 2013 02:00am EDT 

Ashcourt Rowan PLC announced that it has agreed to sell its pension trustee companies, Ashcourt Pension Trustees Limited and Robinson Gear Management Services Limited, and the trade and certain assets of its pension administration business, Ashcourt Rowan Administration Limited, to Mattioli Woods Plc for a total consideration of up to GBP 1.325 million. This comprises an initial consideration of GBP 700,000 with further deferred payments of up to GBP 625,000 payable subject to certain revenue and client retention targets being met during the five years following completion. SIPP and SSAS clients will continue to receive portfolio management and financial planning services from Ashcourt Rowan Asset Management and Ashcourt Rowan Financial Planning. However, the administration of their pensions will be transferred to Mattioli Woods Plc' pension administration and trustee services arm, City Trustees. 

Company Quote

431.0
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10:25am EDT