IFG Group has completed the sale of its UK traditional IFA business, IFG Financial Services, to Ascot Lloyd Financial Services.
The acquisition comprises of an initial payment of £2.5 million and an additional £5.4 million in deferred consideration payable over the next two years, dependent upon future revenues targets.
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IFG Financial Services has recorded a statutory loss of £0.5million primarily due to restructuring costs. The gross profit was £0.3 million.
IFG said that the sale marks as final step in the rationalization of its non-core UK activities and facilitates increased focus on continued growth and development of its core UK businesses including Saunderson House and James Hay Partnership.
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