OUTSOURCING group Capita has bought an employee benefits business from insurance firm Axa for £50m on a cash-free and debt-free basis.
Capita will take over Bluefin Corporate Consulting, which advises on pension enrolment and other employee benefits, while Axa will keep the Bluefin trading name and its insurance and wealth management arms.
Axa said in a statement that the employee benefits operations “are no longer aligned to our long-term strategy and core lines of business”.
BCC made a pro-forma operating profit of £5.3m last year, on turnover of £51m, Capita said.
The firm employs 548 people, mainly in London.
BCC chief executive Nick Burns will stay on as chief executive of the business, which will merge with Capita’s existing pensions business Capita Hartshead.
“With the full backing of a FTSE 100 company, this new business will be able to provide genuinely innovative solutions to the rapidly evolving and increasingly dynamic employee benefits market,” said Burns yesterday.
City A.M. Reporter