Curtis Banks returns to profit with bumper Sipp haul
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Curtis Banks returns to profit with bumper SIPP haul
Sipp provider Curtis Banks has returned to profitability, driven by a sharp increase in new schemes.
According to its annual report for the year to 31 December 2011, Curtis Banks made a profit of £120,269 compared to a loss of £367,872 in 2010.
It increased its number of active schemes from 780 to 3,700. A number of these resulted from the purchase of Montpelier Pension Administration Services (MPAS), last May, for £399,999.
The report said it had increased business from IFAs, who had transferred pension scheme administration to the group, and was looking to make further acquisitions.
'The group intends to grow and develop this business in the future...as well as organic growth, further opportunities for explanation by acquisition are being explored,' it stated in the report.
Curtis Banks said the business was taking on 150 new pension schemes per month which had helped increase turnover by 175% over the previous 18 months to the end of 2011.
However, Curtis Banks has also drawn on investment from shareholders, who provided £500,000 of capital, some of which financed the MPAS bid.
Author: William Robins
28th May 2012