Walker Crips Focuses On Wealth, Investment Businesses, Sells Corporate Advisory

Eliane Chavagnon

2 November 2012

Walker Crips, the UK-based financial services group, has entered into an agreement with BWV Investments regarding the disposal of its Keith, Bayley, Rogers & Co corporate advice subsidiary.

According to a statement, the sale is expected to take place on or before 31 March 2013, subject to approval from the Financial Services Authority.

"The company is focused on investing in and expanding its core stockbroking, wealth and investment management businesses," said Rodney FitzGerald, chief executive of Walker Crips. "KBR has a long and distinguished history but it is non-core to our current plans."

Following approval from the FSA, KBR will be sold, in cash, for an amount equal to its net assets as at close of business on 31 October 2012 - expected by the directors of Walker Crips to be £270,000 ($436,000) -plus £75,000.

KBR and Walker Crips have also entered into an agreement for the ongoing provision of office space and regulatory, compliance, accounting and other services to KBR.

KBR typically provides corporate finance advice and other services to smaller firms. In the year ended 31 March it recorded a turnover of £302,000 and a loss before tax of £92,000.