1 Jun 2017 07:00
1 June 2017
Charles Stanley Group PLC
Completion of disposal of EBS Management PLC ("EBS")
Further to the announcement made on 11 April 2017, Charles Stanley Group PLC announces that it has completed the sale of its wholly owned subsidiary, EBS Management PLC to Embark Group Limited for a total consideration of up to £4.0 million. This follows FCA approval of the transaction and all other closure requirements being met.
The initial cash consideration payable is £2.0m with a further £1.0m fixed consideration across two years, and a contingent consideration of £1.0m over two years based on the future revenues of EBS. For the year ended 31 March 2017 EBS reported a trading profit before tax of £0.03m and had total net assets of £1.7m.
The disposal is in line with Charles Stanley's strategy to focus on its wealth investment management activities while enabling EBS to become part of a group that specialises in SIPP and SSAS pension administration.
For further information, please contact:
Charles Stanley Joanne Vowles PR Manager Via Redleaf | Canaccord Genuity Andrew Buchanan 020 7523 4661 | Peel Hunt Guy Wiehahn 020 7418 8893 | Redleaf Communications Robin Tozer Charlie Geller 020 7382 4730 CScapitalmarkets@redleafpr.com |
Notes to editors:
Charles Stanley traces its origins to 1792 and is one of the oldest firms on the London Stock Exchange. Charles Stanley today provides holistic wealth management services to private clients, charities and smaller institutions. These are delivered by over 450 professionals located in 25 offices throughout the UK, both direct to clients and to intermediaries. Our services include investment portfolio management and financial planning, supported by in-house administration and custody for investment portfolios to enhance the quality of service provided. In addition, Charles Stanley Direct provides an award winning direct to customer Execution-only dealing platform for equities and funds.