Openwork, which is 25% owned by Zurich had acquired national IFA 2Plan in July 2011 after having announced the deal in September 2010.
At the time of acquisition, it was reported that Openwork had acquired 2Plan for an undisclosed sum.
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Zurich’s group results for the six months ending June 2012 stated "On July 12, as part of its preparations for local regulatory changes, the group completed the acquisition of 75% of 2Plan Group, an independent financial advice firm based in the UK. The total purchase price for the acquisition amounted to zero."
Prior to the acquisition, Standard Life had owned a 15% stake in 2Plan, while and co-founders Chris Smallwood and Chris Davies owned the remaining 85%.
Currently, Smallwood and Davies have retained a 25%, with the option to sell their holdings to Openwork based on future profit targets being hit by 2Plan.
According to the results revealed, at the time of the deal, 2Plan had tangible net assets of minus US$5 million, and identifiable assets of US$2 million made up of software and recruitment director fees.
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By GlobalDataFurther, Zurich estimates that 2Plan will eventually be worth US$3 million, after revising down its original US$4 million estimate.
