Embark Group has sold Vested Employee Benefits Limited (VEBL) to Benefiz, the independent employee benefits consultancy founded by Tim Gillingham.
VEBL will continue to operate under its own brand as a subsidiary of Benefiz. Tim Gillingham, director of Benefiz has become the new managing director of VEBL, replacing Howard Finch who has now left the business. Gillingham was formerly at Mazars, which co-founded Vested with Embark in 2017, following its acquisition of Citrus4Benefits, another firm he established.
The deal brings 14 staff to Benefiz, more than doubling the firm’s headcount. Aside from Finch’s departure, all staff are set to be retained.
Scott Guild, chief financial officer of Embark Group, says: “Vested has grown into a well-respected and successful employee benefits consulting business in its own right, and combined with the industry focus and investment that Benefiz can offer Vested this move will undoubtedly benefit the business, its people, and clients in the longer term.”
Gillingham says: “The acquisition of Vested accelerates the growth plans of Benefiz and creates a unique opportunity to work with my previous colleagues and clients. Together we combine our extensive experience in providing advice and benefit technology to the SME/Mid Corporate market under an agile and sustainable business model. We look forward to growing together as a high performing team and to making a real difference to our clients and their employee’s lives.”
