Personal Group lands second largest ever deal

Employee benefits provider Personal Group has won the tender to provide its services to the UK railway infrastructure operator Network Rail.

Employee benefits provider Personal Group has won the tender to provide its services to the UK railway infrastructure operator Network Rail.

Personal will provide employee benefits to Network Rail's 35,000 employees across the UK from the third quarter of the current year.

Chief Executive Mark Scanlon reported that the win was one of the largest tender wins in the company's 29 year history, coming two years after its biggest win.

Scanlon, who was appointed in 2011 with a brief of taking the business to the next stage of growth as the founding directors retired, attributed the win largely to the newly formed commercial team, led by recently appointed Commercial Director David Walker, formerly Sales Director at Dyson.

Winning the tender does not have any immediate effect on the company's finances, but instead wins Personal the right to sell the benefits to each individual employee over what Scanlon said would be a two-year roll-out process.

Scanlon stressed that the Network Rail sales programme will make use of Personal's recently launched iPad application, which has so far produced very positive results for the sales team in face-to-face meetings.

"And not too far away in the future we want to make our database and website available to customers on their mobile phones."

Scanlon said the commercial team was focused on winning other new business and more from existing customers as it looked to continue to build on "the successful first quarter that has already been achieved".

Shares in Personal Group were up 1.9% at 395p at 16:30 on Monday.

OH

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Most Popular

Why we won’t see a house-price crash in 2021
House prices

Why we won’t see a house-price crash in 2021

Lockdown sent house prices berserk as cooped up home-workers fled for bigger properties in the country. And while they won’t rise quite as much this y…
18 Jan 2021
Prepare for the end of the epic bubble in US stocks
US stockmarkets

Prepare for the end of the epic bubble in US stocks

US stocks are as expensive as they’ve ever been. How can you prepare your portfolio for a bubble bursting?
18 Jan 2021
The best investment trusts to buy for 2021
Investment trusts

The best investment trusts to buy for 2021

Sectors ranging from emerging markets to student accommodation look poised to do well this year, says David Stevenson, as he picks the best investment…
19 Jan 2021