Project Brooks
On behalf of Evelyn Partners LLP (“Evelyn”), Metis Partners is pleased to present the opportunity to acquire the business and assets of a long-standing pension administration services business for Self-Invested Personal Pensions (“SIPPs”) and ISA related products (“Project Brooks” or the “Company”).
Business Overview
Project Brooks currently administers approximately 13,000 SIPPs, with c.£1.03bn of SIPP assets under administration. Of these SIPPs, it is estimated that c.25% are considered to hold ‘non-standard’ investments. The business has a dedicated workforce of c.20 staff for direct SIPP operations and trades from a leased premises under certain recharge arrangements.
Key Financials
- Total annual revenues of circa £2.1m to March 2022
- Net assets of circa £1.5m at June 2022
Timeline
All interested parties will be required to sign a non-disclosure agreement and have the ability to work to the following timeline:
- Expressions of interest are to be submitted as soon as possible
- Offers for the business and/or assets are requested by 9 November 2022
- Fully funded offers by 16 November 2022
Offer Terms and Conditions
Offers should be made on a written basis, setting out the assets to be acquired, the key assumptions underpinning the quantum and structure of the consideration and any conditionality attaching to the offer. Proof of funds should also be provided.
If you would like further information on this opportunity, please contact Metis Partners or Evelyn using the details provided below, following which access will be provided to a data room along with further information about the process, subject to the signing of a non-disclosure agreement.
Disclaimer
The information above has been prepared by Evelyn on behalf of the seller. It is intended only as a brief outline of the business to enable parties to establish whether the opportunity outlined might be of interest to them.
The information has been provided by the seller and not audited, verified, or warranted by Metis Partners or Evelyn and therefore no guarantee as to the accuracy of the information can be given. No liability is accepted for any loss, cost or damage suffered or incurred, as a result of reliance on such information.
Neither Metis Partners or Evelyn will give any advice to any parties that view the information above.
CONTACT
For further information and access to a virtual data room, please contact Emre Turan at emre@metispartners.com, Adam Stephens at adam.stephens@evelyn.com or Devina Patel at devina.patel@evelyn.com.
