Sipp firm announces £85m flotation plan

Specialist Sipp administrator Curtis Banks Group plans to embark on an £85m flotation on the Alternative Investment Market. The move, company bosses said, was in line with its ambitious nature and it believes there is potential to be a greater force in the Sipp market.Curtis Banks said the float is expected to raise £7.5m through the issue of new equity and to have a market capitalisation of approximately £85m on admission to AIM.The firm, which has over 26,000 Sipp clients, also announced it expects to complete further acquisitions.{desktop}{/desktop}{mobile}{/mobile}Rupert Curtis, managing director of Curtis Banks, said: "Curtis Banks is an ambitious company. We have been successful in building the business to one of the biggest operators in the full Sipp market, however we believe that Curtis Banks has significant further potential."We can strengthen our growth plans by raising further capital and admitting our shares to AIM."The market for Sipp is growing rapidly and we anticipate that there will be increasing opportunities to develop new products and services, as well as further acquisition opportunities as regulatory changes come into force next year."The company estimated it has become the third largest dedicated provider of full Sipps in the UK.Curtis Banks said it anticipates the pension reforms will increase the popularity of Sipps and believes it is "well positioned to benefit from the changes in the market, presenting both organic growth opportunities and the ability to act as a consolidator in the industry".Trading in the shares is expected to commence on 7 May.

Sipp firm announces £85m flotation plan

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