(Alliance News) - Ince Group PLC on Friday said it agreed to sell its personal injury and clinical practice to Clinical Negligence Services Ltd for a cash consideration of GBP1.3 million.
Clinical Negligence Services trades as Enable Law.
Ince is a London-based corporate and commercial law firm specialising in the shipping, insurance, aviation, energy, construction/real estate and high-net-worth advisory sectors.
The proposed disposal of the Bristol-based practice is expected to complete during February, subject to binding contracts and the satisfaction of conditions such as approval from Ince's principal lending bank.
Ince said the sale is part of its strategy to dispose of non-core businesses and focus its insurance practice on corporate insurer clients in the defendant-side market. In the last year, six partners have joined the group.
It added the sale would be applied to Ince's working capital requirements, reduce its cost base, generate cash and free up management time for the new leadership team's strategy.
It will retain the proposed disposed asset's offices at Queen Square House, Bristol, saying it will continue to be an active regional hub and a key part of the group's strategy in the UK.
Ince has granted Enable Law exclusivity over the disposal until February 28, at which point this will terminate if a binding agreement has not been reached.
Shares in Ince traded flat at 4.95 pence each in London on Friday morning.
By Greg Rosenvinge, Alliance News reporter
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