The Capita Group plc, a provider of professional support services, has bought the trust administration business of PricewaterhouseCoopers CI LLP in the Channel Islands for £12.75 million in cash.

The Capita Group plc, a provider of professional support services, has bought the trust administration business of PricewaterhouseCoopers CI LLP in the Channel Islands for £12.75 million in cash.

The acquired business provides trust formation and on-going administration services in accordance with Jersey, Guernsey and English law. This includes the provision of corporate trustees, the maintenance of bank accounts and investment portfolios as well as financial reporting.

Capita’s chief executive, Paul Pindar, said this acquisition is a natural fit for the group. “The deal also further demonstrates Capita’s commitment to, and investment in, Jersey and the financial services industry.”

Capita was assisted by Tenon Corporate Finance in its financial review with support from Peter Vandervelde and Jez Quigg.