Bruce Nelson, managing director of IEF, said: "We are delighted to be joining the Skipton Building Society Group as it gives us the support of a major financial services organisation. Combined with the use of complementary skills and services available from the Society, it creates a sound platform for our business to continue to develop further."
The addition of IEF means that there are now 15 trading subsidiaries in the Skipton Group and follows the acquisition of GMAP Limited and Direct Life and Pension Services Limited.
John Goodfellow, chief executive and director of Skipton Building Society, said: "The acquisition of IEF is yet another exciting addition to the Skipton Group and further enhances our philosophy of modern mutuality. As the fourth business to join us this year alone, we are developing a structure from which our members will enjoy long term and sustainable added value at a time when margins in our core areas are under pressure."
"IEF’s management team have considerable expertise in the market sectors in which they operate and their specialist skills will add an extra and important business competence to the already thriving Group. Allied to their profitability, in what is a growing sector of the economy, we believe this business will prove to be a sound long-term investment."
