Curtis Banks PLC

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Success For Curtis Banks Business Plan


Since we started trading in July 2009, our business plan has remained well on course and has been strengthened by the acquisition of the Montpelier SIPP and SSAS book in May this year. We are halfway through our current trading year and now is a good time to report on our current position.

Our business plan has been to develop relationships with quality financial advisers for the introduction of SIPP and SSAS clients, and to explore potential acquisitions, in order to build up a significant book of clients to deliver sustained long term profitability. We have been highly successful in achieving this.

The business has been profitable month-on-month from Autumn 2010 onwards and profits are increasing in line with increasing client numbers - provisional figures show a six figure profit for the first half of 2011. We are taking on new clients at an average rate of over 100 per month from our established network of over 300 financial advisers. In addition, the Montpelier acquisition has led to a further network of advisers introducing new business to us, as well as income from their existing book of clients, and is very positive for future cash flow and profitability.

Additional capital of £500,000 was raised from the existing shareholders to fund the acquisition of Montpelier and provide capital for future growth. This was in addition to existing capital reserves which were already well above FSA requirements. Additional capital is available if required for further acquisitions. The company has no bank debt.

With over 3,000 clients and over 30 staff, we are now in the top ten of full SIPP and SSAS providers, a considerable achievement after only 2 years of trading. We have continued to develop our back office systems so that they are among the best in the industry and we continue to receive positive testimonials from clients and advisers for quality of service.

Within a relatively short space of time we have succeeded in becoming an established, substantial and well-regarded operator in the SIPP and SSAS market, no mean achievement in the current tough economic and regulatory climate, though perhaps not surprising given the strong track record and experience of our senior team. We are profitable and well capitalised, with strong systems and controls and a very good reputation for quality of service.

We will continue to develop our business plan by developing and maintaining relationships with financial advisers to increase client numbers, through organic growth and potential further acquisitions, whilst at the same time maintaining high standards in all aspects of our operations. This will deliver increased profitability and build on the substantial business we have already created.  

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