IFG website
IFG Group, the parent company of James Hay, has struck a deal worth up to £9.1m to sell three of its existing IFA businesses to Ascot Lloyd.
Berkshire firm Ascot Lloyd is buying IFG Financial Services Limited, John Siddalls Limited and Berkeley Jacobs Limited, which will be merged with its existing businesses.
IFG said the move was made in line with its strategy of an increased focus on Saunderson House and James Hay Partnership, the Sipps and platform specialist.
{desktop}{/desktop}{mobile}{/mobile}
The initial sale is £3.5 million with a possible £5.6 million extra depending on future revenue targets.
In a statement to the stock market IFG said: "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."
The sale must meet certain conditions and needs to be granted regulatory consent and the sale price will be subject to adjustment upon finalisation of the completion accounts.
