Police Mutual acquires Forces Financial

Police Mutual is pleased to announce that they have acquired Forces Financial, the provider of financial products to both the military and UK Police.

Police Mutual is pleased to announce that they have acquired Forces Financial, the provider of financial products to both the military and UK Police.

The transaction means that Police Mutual, the mutual organisation which supports around 200,000 members of the Police service and their families with savings, investments, insurance, healthcare and mortgage advice, will be able to offer more products and services to its members, increase its scale  in key areas of development and strengthen both existing affinities further.

The deal, which has been approved by the Financial Conduct Authority (FCA), is seen as one of the largest acquisitions of this type in the mutual sector for some time. Police Mutual, which has a head office in Lichfield, operates throughout the UK and has around 280 employees. Founded in 1866, it operates on a commercial but not for profit basis offering financial education and benevolent support to members of the Police service as well as a range of products and services designed especially for this market.

An established provider, Forces Financial has approximately 180,000 UK Police and military customers with 140 people employed in three UK locations - Ipswich, Hook in Hampshire and Hessle in Yorkshire - and 16 military branches including in Germany and Cyprus.

The acquisition of Ipswich-based Forces Financial will also enable Police Mutual to grow by providing products and services to a larger audience and by offering more to its existing members says Police Mutual chief executive Stephen Mann.

Mr Mann revealed that Police Mutual had been seeking to supplement its strong organic growth through carefully chosen acquisitions and had identified Forces Financial as a "good fit with a similar ethos".

He added: "The acquisition of Forces Financial marks an important and exciting further stage in our growth plans coming off the back of a successful year of sales in 2013.

"We have been looking to grow and develop the Police Mutual offering further and identified Forces Financial as a good fit that will ultimately allow us to reach a wider uniformed customer base. The deal will also enable Police Mutual to increase what it offers to its members as well as representing a good investment for them.

"This important acquisition for Police Mutual also confirms our position as one of the largest financial services affinity providers in the UK".

The Forces Financial name is well established in the military space and so will continue to operate under its existing name in the sector. The Forces Financial name will be re-branded over time in the Police market and will fall under Police Mutual.

The two owner directors of Forces Financial Rob Proudman and Robin Williams will join the Police Mutual executive team.