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IFG Group Sells IFA Business For £9.1 Million

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.