Acquisition in the UK
Date: 29-05-2001
Source: IFG
IFG Group plc (IFG) is pleased to announce that it has acquired the entire share capital of Fair Isle Investments Limited and its subsidiaries John Siddall Financial Services Limited and John Siddall Asset Management Limited (Fair Isle) for a maximum total consideration of Stg£3,000,000 (€4,962,779).
Initial consideration was satisfied by a cash payment of Stg£300,000 (€496,278) and by the issue of Stg£700,000 (€1,157,982) Three Year Bank Guaranteed Loan Notes. Additional consideration of Stg£2,000,00 (€3,308,519) may be payable, satisfied in Loan Notes, based on the profits and recurring income for the years ending 31 December 2001 and 31 December 2002. The deferred consideration will be a sum equivalent to the average of (i) six times the average profit before taxation and (ii) four times the average recurring income, in respect of the two years ending 31 December 2002.
Fair Isle, which is established for over twenty years, is an independent financial adviser based in Fareham, Hampshire, U.K. Its principal activity is investment business and corporate pensions. It is a discretionary fund manager for individual investment portfolios and pensions, including Self Administered Pension Schemes (SSAS’s) and Self Invested Personal Pensions (SIPP’s).
Profits before tax for the nine months ended the 31 December 2000 were Stg£167,762 on turnover of Stg£1,014,006. The net assets being acquired amount to Stg£300,000 (€496,278). The principals, David Wallace and John Deeley, together with two executives, have entered into service agreements with the respective trading companies.
Following the purchase Fair Isle will be integrated with IFG Life and Pensions Limited.
The Share Purchase Agreement contains normal warranties and indemnities in favour of IFG.
Registered in the Republic of Ireland No. 21010
Registered Office: IFG House, Booterstown Hall, Booterstown, Co. Dublin
Tel: + 353 (0)1 2752800 | Fax: + 353 (0)1 2752801
Email: group@ifg.ie