At the end of June, Sesame announced that Bankhall had accepted an indicative takeover offer and promised bringing the two distribution giants together would better enable them to support advisers in a post retail distribution review world.
Martin, executive chairman of Sesame, said the due diligence process was expected to last another four weeks, then drawing up the contract would take a further two weeks meaning the deal could be completed by around the end of August or start of September.
He said: “To be successful in the new world will require lots of investment. That scale gives us advantages. Where we could not have invested previously we can invest now and get a more assured return on it.”
Once the deal is completed, Martin said Sesame would spend the next six to 12 months focusing on integrating Bankhall and Premier Mortgage Service and ensuring advisers felt they were getting good value.
As a result of this focus, Martin said a purchase of another large scale IFA services provider was unlikely in the near future but be refused to rule out the possibility of Sesame buying a smaller business.
He said: “You can never say never. If something comes along that is good and small enough so that it will not divert too much of senior management’s time then we might be interested.”
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