Last checked at 18 Sep 2018 07:00
18 September 2018
XPS Pensions Group plc
("XPS" or the "Group")
Disposal of Healthcare Consulting Business to Punter Southall Group Limited
XPS Pensions Group plc, the pensions actuarial, consulting and administration business, announces that it has agreed to dispose of its Healthcare Consulting Business to Punter Southall Health and Protection Limited ("PSHP") (the "Disposal"), a subsidiary of Punter Southall Group Limited ("PSGL"). The Group's Healthcare Consulting Business provides consulting services to companies in relation to the healthcare benefits they provide to employees.
The total consideration for the Disposal is an estimated £1.25 million in cash. The initial half of the consideration is payable on the day of completion, whilst the remaining amount is conditional upon the amount of revenue generated by the Healthcare Consulting Business in the 12 months immediately after the Disposal.
As PSGL is a related party of the Group, the Disposal constitutes a smaller related party transaction for the purposes of the UK Financial Conduct Authority's Listing Rule 11.1.10 R.
Paul Cuff, co-CEO of XPS Pensions Group, said:
"This deal represents another important step in our strategy of focussing on the UK pensions market and commitment to excellence within our actuarial, administration and investment consulting divisions. We are delighted that the high-quality team within the Healthcare Consulting Business has found a good home in Punter Southall's significant healthcare division that it will be exceptionally well placed to operate in."
Paul Johnston, CEO of Punter Southall Health & Protection, said:
"Today's announcement is very exciting as we believe both healthcare teams are recognised and regarded within the industry. Combining our two businesses enables us to bring leading experts within the healthcare market together. Working as one, we will be able to draw upon our knowledge and expertise to innovate and focus on new ways to deliver effective healthcare solutions to our clients."
-Ends-
For further information, contact:
XPS Pensions Group | +44 (0) 7980 826032 |
Paul Cuff |
|
|
|
Zeus Capital (Broker) | +44 (0) 20 3829 5000 |
Martin Green |
|
Pippa Underwood |
|
Ben Robertson |
|
|
|
Media Enquiries |
|
Camarco | +44 (0) 20 3757 4980 |
Ed Gascoigne-Pees |
|
Nick Hennis |
|
Sophie Boyd |
|
Notes to Editors
XPS Pensions Group plc is a UK specialist in pensions actuarial, investment consulting and administration, providing a wide range of services to over 1,000 pension scheme clients. The XPS Pensions Group combines expertise, insight and technology to address the needs of both pension trustees and sponsoring companies. The Group has roughly 900 employees, of which approximately 90 per cent are client facing, with 15 offices providing the Group with access to staff, expertise and clients across the UK.