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February 24, 1997updated 05 Sep 2016 12:09pm

CAPITA BUY MAKES IT BIGGEST UK PENSION ADMINISTRATOR

By CBR Staff Writer

London computer and management services specialist Capita Group Plc Plc announced on Friday that it is to buy pension administrator and take full control of a business services company for a combined 11.85m pounds. It is to buy Hartshead Solway Ltd, described as one of UK’s largest independent pension administrators, for 4.35m pounds. It will also repay a 400,000 pound loan sought by Solway from WPF Holdings Ltd, a holding company controlled by the seven UK regional water companies that were privatized in the mid-1980s. The acquisition of Hartshead will make Capita the largest provider of pensions administrations in the UK with 1.8 million under management, the company claims. It has also agreed to buy out the remaining 50% stake in DriveSafe Services Ltd, a business services company in which Capita and JHP Group Plc have equal control. It is paying 7.5m pounds and 394,633 new ordinary Capita shares, and may pay up to 5m pounds more depending on DriveSafe’s financial performance. Capita has reached agreement with Close Brothers and Credit Lyonnais Laing for the placement of shares in Hartshead and DriveSafe with institutional investors at 610 pence per share.

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