Berkley Berry Birch (BBB) has confirmed the sale of Berkeley Independent Advisers (BIA), Berry Birch & Noble Financial Planning (BB&N FP) to Tenet for £2,350,000, but it has also confirmed the failure to reach a deal on Weston.
As a result Weston has been instructed to cease conducting business immediately. The Board of Weston is now looking for a buyer for the business who can complete the sale at short notice. Meanwhile, MacRobins and Berry Birch & Noble Estate Planning remain solvent and will continue to trade while the Board of BBB along with those of the two companies, seek buyers for the businesses. The initial payment from Tenet to BBB on completion of the sale will be £900,000, with a deferred consideration of up to a maximum of £1,450,000. The deferred sum will be payable in two stages, with up to £2...
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