Capita Hartshead says it has no plans to lose staff as a result of the acquisition.But the firm says it is yet to decide whether to retain the Capita Hartshead brand going forward.
The deal, worth £50m, sees Nick Burns, chief executive of Bluefin Corporate Consulting become chief executive of the combined business, with Capita Hartshead chief executive Mike Addenbrooke remaining in the non-executive chairman post he took last November. Bluefin Corporate Consulting employs 548 people, principally in London and across 8 further offices throughout the UK.
The acquisition excludes the general insurance and wealth management arms of Bluefin and is subject to approval by the FSA.
A Capita Hartshead spokesperson says: “Both businesses are successful because of the talented people that are committed to providing excellent service to clients. We do not plan to lose people as a result of the acquisition. We believe that this is a positive stage in the growth of Capita Hartshead.
“The acquisition puts us into the top five employee benefits firms. We also still look after more members than any other pensions administrator in the UK.
“This merger will add considerable new market reach and broader expertise to our range of services. The deal will mean Capita has a stronger presence in investment consultancy, the insured pensions sector, flexible benefits and health and risk benefits allowing us to better help our clients meet the challenges ahead.
