13 December 2017
visit www.avoka.com

Skandia makes £210 million bid for Lynx

19 December 2001  |  1745 views  |  0 user laptop

Skandia is in talks to acquire Lynx Group plc, and its subsidiary Bankhall - the UK's largest provider of support services to independent financial advisors (IFA).

Skandia has submitted a bid for £1.20 per share and values Lynx Group at £210 million. The acquisition would be followed by the agreed disposal (by a management buy out) of the Lynx Group IT businesses for £60 million.

Key Bankhall management will remain with the company and will own 14% of the shares.

Alan Wilson, head of Skandia's UK operations and executive vice president of Skandia comments: "This acquisition is entirely in line with Skandia's global strategy of expanding and deepening our co-operation with financial advisers. Growing numbers of consumers are in need of and want financial advice. The acquisition of Bankhall will help accelerate the development and delivery of new services for this expanding market."

IFAs account for 60% of the sales of long term savings products in the UK, adds Wilson.

Bankhall's turnover in 2001 totalled £63.2 million, with profits standing at £7.8 million. The firm provides services to more than 4500 IFAs working for some 2000 firms.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Norwich Union opens virtual learning centre for IFAs

Norwich Union opens virtual learning centre for IFAs

08 November 2001  |  2740 views  |  0 comments
Brief: Saga selects DBS for IFA business support

Brief: Saga selects DBS for IFA business support

23 October 2001  |  2629 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.aciworldwide.comvisit www.solutions.lexisnexis.comvisit www.atos.net

Top topics

Most viewed Most shared
Saxo Bank's 'Outrageous Prediction': Bitcoin to peak at $60k next year before spectacular crashSaxo Bank's 'Outrageous Prediction': Bitco...
12143 views comments | 7 tweets | 7 linkedin
Deutsche Bank paper hails 'huge' blockchain potentialDeutsche Bank paper hails 'huge' blockchai...
9330 views comments | 16 tweets | 22 linkedin
PSD2: Laying the regulatory foundation for a new age in paymentsPSD2: Laying the regulatory foundation for...
7930 views comments | 17 tweets | 35 linkedin
Santander UK poaches Barclays innovation chief Michael HarteSantander UK poaches Barclays innovation c...
7334 views comments | 8 tweets | 17 linkedin
Alior Bank to use Open API platform and accelerator to create fintech marketplaceAlior Bank to use Open API platform and ac...
7169 views comments | 20 tweets | 11 linkedin

Featured job

Competitive base, double ote, benefits
London, UK

Find your next job