11 Apr 2017 14:37
11 April 2017
Charles Stanley Group PLC
Disposal of EBS Management PLC
Charles Stanley Group PLC ("Charles Stanley") announces that it has exchanged contracts for the
sale of its wholly owned subsidiary, EBS Management PLC ("EBS") to Embark Group Limited ("Embark") for up to £4.0million. 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.
The disposal, which is conditional upon FCA approval and landlord's consent to the granting of an underlease, will enable Charles Stanley to focus on its wealth investment management activities whilst enabling EBS to become part of a group that specialises in SIPP and SSAS pension administration.
EBS will be operated as a standalone unit of the Embark Group but will have full access to its
capabilities, technology and capital. Charles Stanley and Embark will become on-going partners for
SIPP and SSAS services to Charles Stanley clients.
The Board of Charles Stanley considers the transaction is in the best interests of the underlying
consumers who will see full continuity of service, price and service quality.
Paul Abberley, CEO of Charles Stanley, commented:
"We are delighted with this transaction. It is simultaneously right for all stakeholders of the EBS business, present and future, and most importantly the underlying consumers. We look forward to a long commercial partnership with the team at Embark."
Phil Smith, Group CEO of Embark, said:
"The nature of the EBS business fits perfectly with our long-term plans. It has excellent people, one of the best-managed books of business in the SIPP industry, and high quality anchor distribution clients. It offers excellent value to us, and with our digital and technical capabilities, EBS will trade profitably going forward."
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 Rebecca Sanders-Hewett 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, SIPPs and ISAs 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.