IFG group - parent company to independent wealth managers Saunderson House and self-invested personal pension (SIPP) provider James Hay - has sold its IFA arm for £9.1m.
IFG said the move to offload IFG Financial Services, John Siddalls and Berkeley Jacobs to Ascot Lloyd is "in line with our strategy to exit non-core businesses".
The initial sale consideration is £3.5m which will be paid on completion, and up to a maximum of £5.6m paid in future to shareholders in instalments on the first and second anniversary of the sale as "deferred consideration".
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," IFG said.
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