LONDON (Alliance News) - Charles Stanley Group PLC on Monday said it completed the sale of its its Financial Solutions employee benefits business to a management team led by Paul McGuckin for GBP2.0 million.
In a statement, the wealth manager reiterated that it expects to book a "small loss" on the sale in addition to trading losses suffered by the business during the year ended March 31, 2016.
Charles Stanley will receive GBP1.5 million in cash and GBP500,000 in loan notes repayable in equal instalments over three years on the anniversary of completion.
For the year ended March 31, 2015 the Financial Solutions business reported a trading loss before tax of about GBP200,000 and had net assets of about GBP200,000.
The sale was first announced in November.
Shares in Charles Stanley were untraded early on Monday morning, having closed at 262.12 pence on Friday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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