STM Group Plc (LON:STM)

STM Group Plc (LON:STM)


Share Price
49.00 p
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Market Cap
£29.11 m
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STM Group Plc RNS Release

Completion of Acquisition of UK Pensions Business


RNS Number : 8256P
STM Group PLC
13 February 2019
 

 

STM Group Plc

("STM" or the "Group")

Completion of Acquisition of UK Pensions Business

 

 

STM Group Plc (AIM: STM), the cross border financial services provider, is pleased to announce that yesterday it completed the acquisition of the Carey UK pension businesses following FCA approval for change of control of the UK SIPP business being granted.

 

On 9 October 2018, STM announced that it had entered into an agreement to acquire 100% of Carey Administration Holdings Limited ("CAHL" or "Carey"). CAHL in turn owns 70% of Carey Pensions UK LLP, offering SIPP administration products to the UK market, and 80% of Carey Corporate Pensions UK Limited, offering auto-enrolment workplace pensions solutions ("AE") to UK based SMEs. The minority shareholdings of both Carey Pensions UK LLP and Carey Corporate Pensions UK Ltd are owned by Christine Hallett, who continues as Managing Director of the Carey Pensions businesses.

 

Christine Hallett, MD of the Carey Pensions businesses, commented:

"We are delighted that the acquisition has now finally been completed. STM's vision for the UK market, both in terms of SIPPs and workplace solutions, as well as their support and resources, makes STM the perfect partner for us to be able to further grow successful and profitable businesses."

 

Alan Kentish, CEO of STM Group added:

"We are delighted that Christine and her teams are joining the STM Group. The two UK focused pensions businesses give us some really exciting options for our growth strategy. I have no doubt that the support and stability of STM will allow the Carey Pensions businesses to flourish; they have solid product offerings and a loyal and professional intermediary base."

 

 

For further information, please contact:

STM Group Plc

 

Alan Kentish, Chief Executive Officer

[email protected]

Via Walbrook PR

www.stmgroupplc.com

 

 

Therese Neish, Chief Financial Officer

[email protected]

 

 

 

FinnCap

www.finncap.com

Matt Goode / Emily Watts - Corporate Finance

Tim Redfern / Richard Chambers - ECM

Tel: +44 (0) 20 7220 0500

 

 

Walbrook

www.walbrookpr.com

Tom Cooper / Paul Vann

Tel: +44 (0) 20 7933 8780

 

Mob: +44 (0) 797 122 1972

 

[email protected]

 

 

 

Notes to editors:

 

STM is a multi jurisdictional financial services group which is listed on the AIM Market of the London Stock Exchange. The Group specialises in the delivery of a wide range of financial service products to professional intermediaries and the administration of assets for UK and international clients in relation to retirement, estate and succession planning and wealth structuring.

 

STM has operations in the UK, Malta, Gibraltar, Jersey, and Spain. The Group is looking to expand through the development of additional products and services that its ever more sophisticated clients demand. STM has developed a specialist international pensions division which specialises in SIPPs, Qualifying Recognised Overseas Pension Schemes (QROPS), and Qualifying Non UK Pension Schemes (QNUPS). STM has a Gibraltar Life Insurance Company, STM Life plc, which provides life insurance bonds - wrappers in which a variety of investments, including investment funds, can be held.

Further information on STM Group can be found at www.stmgroupplc.com


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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