IFG Group announce disposal in the UK
Date: 04-12-2000
Source: IFG Group plc
IFG Group plc ("IFG") announces that on 16 May 2003 it disposed of the entire issued share capital of The ISA Shop Limited ("The ISA Shop"), its specialist Independent Financial Advisor, based in Nottingham, England which provides a direct market service on single premium investment products, Individual Savings Accounts and insurance company Bonds.
The Purchaser is The Money Portal plc, of King William Street, London EC4N 7BE.
The entire consideration, paid in cash on Completion was Stg£1,887,709 (€2,653,140) including Stg£137,709 (€178,495) representing payment for net current assets. The disposal is consistent with IFG’s focus on fee based independent financial advisory activities and the proceeds will be applied to reduce debt and strengthening the Group’s balance sheet.
In the year ended 31 December 2002 The ISA Shop profit before tax was Stg£353,324 on turnover of Stg£1,157,366. Net assets at 31 December 2002 were Stg£831,653, and since that date a dividend of Stg£550,000 has been paid to its holding company. Net assets at Completion were Stg£178,233 (€231,021).
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