12 Mar 2014 07:00
IFG Group plc
Sale of IFG Financial Services Companies
In line with our strategy to exit non-core businesses, the Board of IFG Group plc ("IFG") is pleased to announce that it has signed an agreement for the sale of its UK traditional IFA business (IFG Financial Services) to Ascot Lloyd, where it will be merged with their existing IFA business. The businesses are IFG Financial Services Limited, John Siddalls Limited and Berkeley Jacobs Limited.
The initial sale consideration is STG £3.5 million which will be paid on completion; and up to a maximum of STG £5.6 million in contingent deferred consideration, payable in instalments on the 1st and 2nd anniversary of the sale. The amount of the deferred consideration is dependent upon future revenue targets. The purchase price shall also be subject to an adjustment upon finalisation of the completion accounts. The sale is subject to certain conditions including regulatory consent.
This is the final step in the rationalisation of our non-core UK activities and facilitates an increased focus on continued growth and development of our core UK businesses, Saunderson House and James Hay Partnership.
Any enquires relating to this announcement should be directed to:
John Cotter, Group Finance Director, Tel: 00 353 1 275 2800
Niamh Hore, Investor Relations & Corporate Development: Tel: 00 353 1 275 2866
IFG Group plc
12 March 2014