Accountancy and advisory group Price Bailey could receive up to £1.2m from the sale of its £150m financial planning arm to IFA acquirer Bellpenny last year, though the final sum is expected to be marginally less.
Price Bailey Private Clients, the high-net-worth advice proposition still owned by the wider group, estimates gross proceeds from the sale at £833,000 after costs, but this could rise to £1.2m depending on the performance of the assets under Bellpenny's ownership, its financial results show. IFA consolidator Bellpenny took on 1,700 clients with assets of £150m when it acquired Price Bailey Financial Planning in 2013. Price Bailey partner James King said at the time that the group decided to sell in light of changes brought about by the Retail Distribution Review. "The optimum structur...
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