Jarvis Securities agrees sale of Tunbridge Wells leasehold interest

(Sharecast News) - Jarvis Securities said on Friday that it had conditionally agreed to sell its leasehold interest in a property in Tunbridge Wells for £100,000 as part of its ongoing disposal and wind-down strategy.

The AIM-traded company, which owns Jarvis Investment Management Limited, said the property at The Brewery had historically been used by JIML as a disaster recovery site for IT operations, but had not been used for those purposes since March.

The proposed disposal was agreed through an auction process run by Clive Emson Land and Property Auctioneers.

The buyer is Sion Properties Limited, a company connected to Jarvis director Andrew Grant, making the transaction a related party transaction under AIM rules.

Jarvis said Sion had paid an £11,750 deposit to the auctioneers.

The sale was conditional on shareholder approval because it forms part of the group's disposal and wind-down strategy, following the sale of JIML's retail execution-only brokerage business, which completed in July 2025.

Jarvis said it would shortly send shareholders a circular setting out details of the disposal and convening a general meeting.

If completed, the proceeds from the sale would be added to the company's general cash resources.

The property had a book value of £196,626 in Jarvis's audited accounts for the 18 months ended 30 June 2025, with no profits or losses attributable to it.

Jarvis said its directors remained committed to completing an effective and efficient wind-down of the group over the coming months, including the disposal of residual assets where possible.

The company said it expected to become an AIM Rule 15 cash shell once all, or substantially all, of JIML's client agreements or assets had been transferred to a third party.

At that point, it would be required to make an acquisition constituting a reverse takeover within six months.

However, Jarvis said the directors did not currently intend to make any acquisitions and instead expected to seek cancellation of the company's admission to trading on AIM in due course, subject to shareholder approval.

It said that, following the lifting of voluntary restrictions agreed with the FCA, any remaining distributable reserves at the time of cancellation would be returned to shareholders.

The directors independent of the disposal, Paul Shackleton and Steve Middleton, said they considered the terms fair and reasonable for shareholders, having consulted nominated adviser Zeus Capital.

At 1450 BST, shares in Jarvis Securities were down 3.23% at 7.5p.

Reporting by Josh White for Sharecast.com.

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