XPS will pay £2.25m on completion of the deal, expected in February, and then contingent consideration of up to £1.5m. 

The deal will be funded by XPS's own cash resources. 

Michael J Field is an established SIPP and SSAS provider based in Manchester.  XPS says the deal will complement its existing capabilities and will enable it to expand its SIPPs and SSASs business to more clients and financial advisers. 

As part of the acquisition XPS will acquire staff and contracts at Michael J Field which had revenue in the 12 months to 31 March of £1.9m and associated EBITDA (a measure of profit) of £0.4m. 

XPS says Michael J Field operates in the same SSAS and SIPP market as XPS Pensions Group and has good coverage in the north of England, particularly Manchester. It says clients are similar to XPS Pensions Group’s existing Self Invested Pensions business clients, with a strong focus on commercial property and self investment. 

XPS looks after 1,500 pension schemes and undertakes pensions administration for more than 948,000 members. It also provides pension advisory and administration services to over 200 defined contribution schemes, with 1m members and combined assets in excess of £15bn. It also has an active SIPP and SSAS arm 

Paul Cuff, XPS Pensions Group co-CEO, said: “We’re hugely excited to welcome the fantastic team from Michael J Field to join our growing business. Their expertise complements our strong and growing Self Invested Pensions business and will enable us to bring our offering of high-quality, tailored, great value SSASs and SIPPs to even more clients and financial advisers.”