SimplyBiz has completed its expected buyback transaction with Standard Life. It has bought back 10 per cent of the group held by Standard Life for an undisclosed sum.

Standard Life had originally acquired its 10 per cent minority holding in 2006.

Commenting on the share buyback, group chairman Ken Davy, said: "Our seven year relationship with Standard Life as minority shareholders worked well for both parties.

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"However, we are pleased to be in a position where we are able to buyback these shares so that we can focus on building the business independently of any product provider ownership. I am sure this will be well received by the firms we serve and we look forward to continuing to grow our business".

The SimplyBiz Group provide compliance and other business support services to over 2000 financial services firms and 5000 individual advisers nationwide. In addition to SimplyBiz, The SimplyBiz Group also includes Compliance First, SIFA, Verbatim Asset Management, 360 Legal, SimplyBiz Mortgages and the not for profit New Model Business Academy.

The business is based in Huddersfield.