Brewin Dolphin has agreed to pay JHC Systems £2 million to settle the contract for the discretionary IT system roll-out.
In May, Brewin Dolphin scrapped plans to implement JHC Systems’ Figaro software into the business after lengthy delays.
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As a consequence of the failed roll-out, Brewin reported a £32 million writedown.
In a statement today, Brewins said: "Negotiations have now concluded in relation to the outstanding contractual obligations regarding potential future payments of £15 million over the next 10 years.
"All parties have agreed to a full and final settlement in respect of these outstanding obligations and, accordingly, Brewin Dolphin will incur a one-off £2 million exceptional charge in H2 2014."
The final settlement has eased this legacy burden, reducing it by £13 million.
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By GlobalDataBrewins will hand over the amount in the second half of this year as full settlement.
