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Royal London confirms sale of offshore business

Royal London confirms sale of offshore business

Royal London Group has confirmed its intention to sell its Isle of Man-based international division Royal London 360° for an undisclosed sum.

Yesterday, Sky News reported that Royal London was set to sell Royal London 360° to private equity group Vitruvian Partners for ‘tens of millions of pounds’.

The Royal London 360° executive management team, led by chief executive David Kneeshaw, will remain unchanged. Following completion, the company will be re-branded “RL360°”.  Royal London added that there will be no job losses as part of the sale.

Phil Loney (pictured), chief executive of the Royal London Group, said: ‘Royal London Group has been approached on several occasions with proposals for the purchase of RL360° and we had a duty to our members to explore any potential financial benefits from these transactions. None of these previous approaches were capable of being fulfilled. However, the board has concluded that the proposal put forward by the RL360° management team does make compelling financial and strategic sense for all parties.

‘It allows the group to focus on the development of our core businesses in the UK and Ireland.  For RL360°  it  gives  access  to  additional  long-term  investment  that  will  allow  them  to  fulfil  their ambitions in both the UK and international markets.'

Royal London said that RL360° will be further strengthened through support from the global reinsurance group Munich Re, as well as an element of long term financing from RLG, and in addition to capital from Vitruvian.

RL360° was established in 2009 through the merger of Scottish Life International and Scottish Provident International. 

The company offers a broad range of offshore investment, savings and tax planning products to investors based around the world. The company manages funds in excess of £2 billion.

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