Safe Hands Funeral Plans announce expansion following sale
Safe Hands, one of the UK’s leading funeral plan providers, is under new ownership following its acquisition by a private investment company.
SHP Capital Holdings has ambitious plans to grow the business, employing more staff, extending the product range and opening up new direct channels.
To support their investment, the new owners have drafted in a fresh senior management team which includes estate planning expert Tom Gormanly , Michelle Kemp, who will be joining from Co-op Funeralcare, and Ross Ratcliffe, who will take up the position of Sales Director. Dave Latham, the current managing director of Safe Hands, remains with the business whilst founder and major shareholder David Milson is to retire.
Safe Hands currently writes around 50 plans a day and holds more than £50 million in a trust managed by UBS, making it one of the largest providers in the funeral plan sector. Its plans are mainly sold through its network of 9,000 agents which include accountants, IFAs, funeral directors and estate planners.
Tom Gormanly, who takes up the position of CEO, said: “The acquisition comes at a very challenging time for the industry which faces increased regulation and competition. The new investment will provide a much more stable future for the business, its staff and its customers.”
He welcomed the Government’s plans to bring regulation of the pre-paid funeral industry into the remit of the Financial Conduct Authority.
“This is a positive step forward to protect customers and we wholeheartedly welcome the move,” he said. He added that Safe Hands was already an accredited member of the Funeral Planning Authority which regulates the industry through a strict set of rules and code of conduct.
Mr Gormanly said Safe Hands would remain headquartered in Wakefield but move to larger premises to accommodate its growth plans. The business currently employs 21 people.
The UK funerals market is worth an estimated £2 billion a year and has grown by an annual rate of 4.5% over the past five years, according to the Competitions and Markets Authority. However, only around 6% of UK adults have a pre-paid plan.
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