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UK Investment Group Sells Fund Administration Arm

UK-based iimia Investment Group is selling Exeter-based Sinclair Henderson and its sister companies, Sinclair Henderson Fund Administration,...
UK-based iimia Investment Group is selling Exeter-based Sinclair Henderson and its sister companies, Sinclair Henderson Fund Administration, Sinclair Henderson Guernsey, and ACD Services to Capita Financial Group, a subsidiary of Capita Group. Capital are paying £10.5 million,($19.37 million) on completion. In addition, there will be a pound for pound adjustment to the extent that the net assets of Sinclair Henderson as at the date of completion are greater or less than £500,000 once completion accounts for Sinclair Henderson have been prepared. Deferred consideration of up to £1.5 million will become payable dependent upon business development performance criteria in the first two years of Capita’s ownership. The proceeds will be used to fund future business opportunities. Sinclair Henderson had combined revenues for the year ended 31 December 2005 of £3.9 million.