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Completion of disposal

4 Apr 2016 07:00

RNS Number : 9835T
Charles Stanley Group PLC
04 April 2016
 

 

 

4 April 2016

 

Charles Stanley Group PLC

("Charles Stanley" or "the Group")

 

Completion of disposal of Charles Stanley Financial Solutions

 

Further to the announcement made on 12 November 2015, Charles Stanley announces that it has completed the sale of its wholly owned subsidiary, Charles Stanley Financial Solutions Limited to CS Financial Solutions Holdings Limited representing the management team led by Mr Paul McGuckin for a total consideration of £2m on 1 April 2016. The consideration is to be satisfied by the payment of £1.5m in cash and £0.5m in loan notes repayable in equal instalments over three years on the anniversary of the completion date. For the year ended 31 March 2015 Charles Stanley Financial Solutions reported a trading loss before tax of £0.2m and had total net assets of £0.2m. It is anticipated that Charles Stanley will incur a small loss on the sale in addition to the trading losses suffered by Charles Stanley Financial Solutions during the year ended 31 March 2016.

 

For further information, please contact: 

 

Charles Stanley

Joanne Vowles, Public Relations Manager

Via Redleaf

Canaccord Genuity

Roger Lambert

020 7523 4619

 

Peel Hunt

Guy Wiehahn

020 7418 8893

Redleaf Communications

Rebecca Sanders-Hewett

Charlie Geller

020 7382 4730

CScapitalmarkets@redleafpr.com

Notes to editors:

Founded in 1792, Charles Stanley Group provides bespoke wealth management services to private clients, charities and smaller institutions. The Group is focused on providing high levels of personalised service for its clients across a full range of Investment Management, Financial Planning, Advisory and Execution-only services. It also operates an award winning online dealing platform for equities and funds, Charles Stanley Direct.

With over 450 investment professionals, Charles Stanley Group works directly with clients and intermediaries from offices located throughout the UK.

For more information: www.charles-stanley.co.uk

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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