SHP Capital Holdings said it plans to grow the business as well as employing more staff members and extending product ranges. It also said it also aims to open up new direct channels.
To support the investment, SHP have drafted in new members to its senior management team which includes estate planning expert Tom Gormanly, Michelle Kemp, who will join 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 plans are mainly sold through its network of more than 400 active 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 added: “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.
Safe Hands is set to remain headquartered in Wakefield but will move to larger premises to accommodate its growth plans. The business currently employs 21 people.