Embark chair: 'Entrepreneurial spirit' will remain after Lloyds sale

Embark sold for £390m

Jenna Brown
clock • 2 min read

Embark’s £390m sale to Lloyds Banking Group can “only be good for advisers” as increased investment will enhance its intermediary services, chair David Barrall has said.

Speaking to Professional Adviser after the deal was announced this morning (29 July), Barral said Lloyds was a great home for the platform business and it would continue to innovate. The deal sees Embark Group become a wholly-owned subsidiary of Lloyds Banking Group. It will sit in the same division as its pensions arm, Scottish Widows. The deal is likely to see the two brands operate closely and open up a more efficient distribution channel. Current chief executive Phil Smith, who started Embark in 2013, will not transfer over to Lloyds. Jackie Leiper, managing director pensions, ...

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