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IFG sell UK non-core business for St3.5m

Wednesday, March 12 10:19:32

Dublin-listed financial services group, IFG, today said it has agreed to sell its UK-based IFG Financial Services for an initial consideration of £3.5 million.

The agreement to sell represents the final step of the company's strategy of selling off its non-core businesses.

The Irish firm 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 £5.6 million in contingent deferred consideration, payable in installments 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," IFG said in a statement to the markets this morning.