Capita Group PLC
30 July 2007
CAPITA TO ACQUIRE TRUST ADMINISTRATION BUSINESS OF
PRICEWATERHOUSE COOPERS CI LLP
The Capita Group Plc ('Capita'), announced today that it has agreed to acquire
the trust administration business of PricewaterhouseCoopers CI LLP in the
Channel Islands for a cash consideration of £12.75 million.
PricewaterhouseCoopers CI LLP provides trust formation and on-going
administration services in accordance with Jersey, Guernsey and English law.
This includes the provision of corporate trustees, the maintenance of bank
accounts and investment portfolios, the regular reporting of financial
information as required and the liquidation, restructuring and termination of
On a proforma basis, the unaudited accounts of the business for the 12 months to
30 June 2007 report an operating profit, after adjusting for certain overheads,
of approximately £2 million on turnover of £4.8 million.
Commenting on the deal, Paul Pindar, The Capita Group Chief Executive said: 'The
acquisition is a natural fit for Capita, in terms of our client base, client
services and professional staff. The deal also further demonstrates Capita's
commitment to, and investment in, Jersey and the financial services industry.
The increased capacity will help ensure our continued growth in this sector and
we expect the acquisition to bring clear benefits to both new and existing
customers. We look forward to welcoming the team to Capita. '
Philip Taylor, Senior Partner, PricewaterhouseCoopers LLP Jersey, added: 'We are
delighted that Capita intend to acquire the trust and company administration
business. We believe this option provides excellent prospects for the business
and the people to grow and develop in the future.'
The deal is subject to approval by the Jersey Financial Services Commission, the
Guernsey Financial Services Commission and the Jersey Competition Regulatory
For further information please contact:
For further information:
The Capita Group Plc Tel: 020 7799 1525
Paul Pindar, Chief Executive
Shona Nichols, Corporate Communications Director
Capita Press Office
Capita press office
Tel: 020 7654 2152/0870 2400 488 (out of hours)
The Capita Group Plc is the UK's leading provider of integrated professional
support service solutions. The Group's service capabilities encompass business
process outsourcing, (BPO), customer services, administration and support, human
resources, ICT, property consultancy, finance & treasury and consultancy
delivered to both public sector and private organisations. With 27,800 employees
at more than 250 offices across the UK, Channel Islands, Ireland and India,
Capita is quoted on the London Stock Exchange (CPI.L), and is a constituent of
the FTSE100 with revenues for 2006 of £1,739 million.
Further information on The Capita Group Plc can be found at: www.capita.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange