Royal Liver has admitted it may offload its IFA arm Park Row.
A spokesman for the friendly society says "withdrawal from the distribution space" is a possibility as it assesses its strategic options. It follows reports over the weekend Royal Liver has appointed the accountants Ernst & Young to conduct a sale of Park Row, which it acquired for almost £17m in 2003. According to Park Row's latest accounts, the former AIM-listed firm posted an operating loss of nearly £6m in 2008, although it says a radical cost-cutting programme prevented an £11m loss. "We have received a number of enquiries about Park Row in recent months; the sector is changing ra...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
