London and Dublin-listed IFG Group has agreed to sell its IFA business to Berkshire-based Ascot Lloyd Financial Services in a deal worth up to £9.1 million, subject to regulatory approval.

London and Dublin-listed IFG Group has agreed to sell its IFA business to Berkshire-based Ascot Lloyd Financial Services in a deal worth up to £9.1 million ($15.1 million), subject to regulatory approval.

IFG said in a statement that the initial sale consideration is £3.5 million, which will be paid on completion, with a maximum of £5.6 million in deferred consideration payable in instalments on the first and second anniversary of the sale, dependent on future revenues.

The move will see IFG Financial Services Limited, John Siddalls Limited and Berkeley Jacobs Limited merged with the existing IFA business at Ascot Lloyd.  

“This is the final step in the rationalisation of our non-core UK activities and facilitates an increased focus on continued growth and development of our core UK businesses, Saunderson House and James Hay Partnership,” IFG said.