IFG Group has agreed to sell its UK traditional IFA business, IFG Financial Services, to Ascot Lloyd for up to £9.1 million.
The acquisition comprises an initial payment of £3.5 million and an additional £5.6 million in deferred consideration over the next two years, dependent upon future revenues targets.
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The group in a statement said that this is the final step in the rationalisation of its non-core UK activities and facilitates an increased focus on continued growth and development of its core UK businesses, Saunderson House and James Hay Partnership.
In December 2013, IFG Group rejected a takeover from an unnamed company.
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