Embark Group to Be Acquired by Lloyds Banking Group

​Embark Group (Embark),  a fast growing, diversified, financial services business and one of the largest retirement solutions providers in the UK, has announced recently that it would be acquired by Lloyds Banking Group (Lloyds), subject to regulatory approval.

According to the official press release, Lloyds will acquire Embark and its subsidiary brands, with a consideration of £390m for the whole share capital of the Embark business. The sale excludes the Rowanmoor SIPP (self-invested personal pension) and SSAS (small self-administered scheme) administration business, which is being retained by existing shareholders.

The sale presents a significant opportunity for the Embark business to continue its rapid expansion. Lloyds will provide further investment and support to accelerate Embark’s proposition and service innovations for the intermediary sector. Embark will work closely with Lloyds to deliver its strategic objective of simplifying and modernising its proposition for mass market customers and enhancing its retirement proposition for independent financial advisers.

Founded in 2013, Embark has grown exponentially, with over £40.8bn of assets under administration on behalf of more than 425,000 clients (including Rowanmoor). And the sale will witness Lloyds acquire £35bn of assets under administration on behalf of 410,000 consumer clients within Embark.