TDR Capital backs MGM Advantage spin-off

The sale of the business franchise has generated a £9m payment for distribution to members of the mutual society, who hold with-profits policies.

The new company will continue to trade under the MGM Advantage brand, acquired by TDR alongside the firm's infrastructure and workforce.

Company
Founded in 1852, MGM Advantage is a retirement income specialist and mutual society. The new company will continue to focus on the retirement income market, selling enhanced and investment-linked annuities primarily through financial advisers.

As part of the transaction, MGM Advantage will transfer the risks on its £800m enhanced annuity business.

People
Brian Magnus is a partner at TDR.

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