Capita nets Bluefin
Global business services group Capita is to splash out 50 million pounds on employee benefits consultancy Bluefin Corporate Consulting.
Global business services group Capita is to splash out 50 million pounds on employee benefits consultancy Bluefin Corporate Consulting.
FTSE 100 Capita said the target firm, which is currently owned by AXA, complemented its existing corporate pensions business, Capita Hartshead.
The deal will see Bluefin's chief executive, Nick Burns, become chief executive of the two combined businesses.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"I believe that Capita Hartshead's strength in pensions administration, actuarial and consulting together with Bluefin's award-winning employee benefits expertise an market-leading online technology, will combine to deliver a wide range of client services," Burns said.
Bluefin made a pro forma operating profit for its financial year to 31 December 2011 of £5.3m on turnover of £51m.
It employs 548 people, principally in London and across 8 further offices throughout the UK.
Capita said the acquisition excluded the general insurance and wealth management arms of Bluefin and was now subject to approval by City watchdog the FSA.
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
'We face a £6m inheritance tax bill under Reeves's changes – it's sheer terror'
Thousands of families fear they’ll have no option but to look at selling their firms in a fire sale to pay inheritance tax bills, due to Rachel Reeves’s changes to business property relief
-
Millions of over 50s fear pension investment risk – how should you position your portfolio?
To de-risk or not to de-risk, that is the question. Act too late and you could face irreversible losses. Move too early and miss out on significant gains that could transform your retirement.