Back
Sesame paid £1.6 million for Bankhall
16 August 2010
IFA network Sesame paid £1.6 million to buy support services provider Bankhall, accounts for the enlarged group have revealed, dispelling speculation at the time of the deal that it had bought it for just £1. Stephen Young, Sesame Bankhall group’s chief operating officer, said the cost of acquiring Bankhall from Skandia was responsible for the enlarged company’s drop in profits in 2009. Sesame Bankhall made a £4 million profit in 2009, down from the £10 million profit recorded by Sesame the previous year. ‘The 2009 number was reduced by the costs related to the Bankhall acquisition, restructuring costs post acquisition and the trading losses of Bankhall after the acquisition,’ he said. ‘Assuming that Sesame had not acquired Bankhall then our trading performance would have been ahead of the forecast for 2009 and marginally below 2008.’ Skandia bought Bankhall for £130 million in December 2004. Published by CityWire
