27 March 2025

AJ Bell plc

Sale of Platinum SIPP and SSAS business

AJ Bell plc ("AJ Bell" or the "Company") today announces it has agreed to sell its Platinum SIPP and SSAS business ("AJ Bell Platinum"), part of its non-platform business, to InvestAcc Group Limited ("InvestAcc") for a total consideration of up to £25.0 million (the "Consideration"). The Consideration will comprise £18.5 million upon completion; made up of £17.5 million in cash and £1.0 million in new InvestAcc shares, and £6.5 million of deferred consideration in cash, subject to certain conditions.

AJ Bell Platinum has 3,600 customers with £3.2 billion of assets under administration which will transfer to InvestAcc on completion. This is expected to happen in the second half of 2025. In the year ended 30 September 2024, AJ Bell Platinum contributed £10.0 million to non-platform revenue. The sale does not impact our FY25 guidance.

On completion of the deal, a profit on disposal of up to £25.0 million less associated transaction costs will be recognised. The disposal proceeds will further strengthen AJ Bell's capital position, which will be flowed through the Company's capital allocation framework.

Michael Summersgill, Chief Executive Officer at AJ Bell, commented:

"Our strategy is to provide easy-to-use, low-cost platform propositions using a single, scalable operating model to capitalise on the significant long-term growth opportunity in the UK investment platform market. The sale simplifies our business model, enabling the management team to focus on AJ Bell's core platform business, in line with our growth strategy across both the advised and direct-to-consumer market segments."

"AJ Bell Platinum customers will continue to receive great service as part of InvestAcc, an award-winning provider of bespoke SIPP and SSAS services, with a track record of delivering excellent customer service."

Will Self, Chief Executive Officer at InvestAcc, commented:

"We are excited to announce the acquisition of the Platinum SIPP and SSAS business from AJ Bell. Its exceptional service proposition and high-quality products make it a perfect strategic fit for InvestAcc.

We look forward to collaborating with AJ Bell to ensure a seamless migration and integration of AJ Bell Platinum customers and staff."

Fenchurch Advisory Partners is acting as financial adviser to AJ Bell.

Contacts:

AJ Bell