STM Group, owner of the Options pensions business (formerly known as Carey), has sold its Jersey Corporate & Trustee Services (CTS) businesses for £1.4m.

The sale of the Jersey CTS business for £1.4m in cash completes STM’s exit from the CTS sector and will mean greater focus on core activities of pension administration and life assurance, the firm says.

STM says the sale will help add to its pot for acquisitions and help spur organic growth. 

The companies being sold are mainly STM Fiduciaire Limited along with a number of non-revenue generating support companies, including nominee companies. 

The firms generated revenue of £1.48m in 2020 and made a profit before tax contribution of £0.1m. STM Jersey was a stand-alone business.

The businesses will be sold to the privately-owned Imperium Group which has its head office in Guernsey. 

Alan Kentish, CEO of STM Group, said: “We are delighted that the Jersey businesses and our colleagues that work within them, as well as our clients, have gone to a good home at Imperium. 

“Imperium have confirmed that there will be minimal changes, whilst at the same time bringing new business opportunities, and I am confident that this will ensure a smooth and seamless transition to new ownership. 

“For STM, exiting the Jersey trust and company businesses is an important deliverable to allow the executive to focus on our core activities of pension administration and provision of life assurance wrappers. The additional cash resources will allow for further investment in our organic growth initiatives, as well as further potential M&A activity.”