STM acquires Malta's Harbour Pensions

STM Group has agreed to acquire Malta-based Harbour Pensions to expand its existing business on the Mediterranean island.

STM said the agreement was signed to acquire the entire issued share capital of the company and its related pension trust schemes.

The board described the acquisition as a "straight forward bolt-on to STM's Malta business", complimenting the 7,500 QROPS members and delivering recurring annual revenues in excess of £0.8m per annum.

STM also said that it expected to deliver cost synergies and economies of scale of some £0.4m on an annualised basis, after acquiring the Harbour Business, with hopes of enhanced earnings in the first full financial year of ownership combined with an annualised profit contribution of £0.4m thereafter.

Alan Kentish, chief executive officer of STM, said: "We are delighted to announce the acquisition of Harbour which will further build our book of business in Malta and allow for additional profit uplift from this jurisdiction.

"The STM executive continues to seek other consolidation opportunities in the QROPS market."