Brewin offloads corporate advisory and broking division

The group has signed a memorandum of understanding for the proposed disposal to a new partnership entity called N+1 Brewin. This will be capitalised jointly by European financial advisory and asset management group, N+1, as well as senior management of the division. Brewin Dolphin will receive a total nominal goodwill consideration of £5m for the disposal, comprising £1m cash up front and a 14% preferred interest in the new entity with a nominal value of £4m. It will receive a 6% per annum return on its preferred interest which will be paid in priority to ordinary distributions for...