Charles Stanley Group PLC Disposal of EBS Management PLC (2281C)
April 11 2017 - 8:37AM
UK Regulatory
TIDMCAY
RNS Number : 2281C
Charles Stanley Group PLC
11 April 2017
11 April 2017
Charles Stanley Group PLC
Disposal of EBS Management PLC
Charles Stanley Group PLC ("Charles Stanley") announces that it
has exchanged contracts for the
sale of its wholly owned subsidiary, EBS Management PLC ("EBS")
to Embark Group Limited ("Embark") for up to GBP4.0million. The
initial cash consideration payable is GBP2.0m with a further
GBP1.0m fixed consideration across two years, and a contingent
consideration of GBP1.0m over two years based on the future
revenues of EBS.
The disposal, which is conditional upon FCA approval and
landlord's consent to the granting of an underlease, will enable
Charles Stanley to focus on its wealth investment management
activities whilst enabling EBS to become part of a group that
specialises in SIPP and SSAS pension administration.
EBS will be operated as a standalone unit of the Embark Group
but will have full access to its
capabilities, technology and capital. Charles Stanley and Embark
will become on-going partners for
SIPP and SSAS services to Charles Stanley clients.
The Board of Charles Stanley considers the transaction is in the
best interests of the underlying
consumers who will see full continuity of service, price and
service quality.
Paul Abberley, CEO of Charles Stanley, commented:
"We are delighted with this transaction. It is simultaneously
right for all stakeholders of the EBS business, present and future,
and most importantly the underlying consumers. We look forward to a
long commercial partnership with the team at Embark."
Phil Smith, Group CEO of Embark, said:
"The nature of the EBS business fits perfectly with our
long-term plans. It has excellent people, one of the best-managed
books of business in the SIPP industry, and high quality anchor
distribution clients. It offers excellent value to us, and with our
digital and technical capabilities, EBS will trade profitably going
forward."
For further information, please contact:
Charles Canaccord Peel Hunt Redleaf Communications
Stanley Genuity Guy Wiehahn Rebecca Sanders-Hewett
Joanne Vowles Andrew Buchanan 020 7418 Charlie Geller
PR Manager 020 7523 4661 8893 020 7382 4730
Via Redleaf CScapitalmarkets@redleafpr.com
Notes to editors:
Charles Stanley traces its origins to 1792 and is one of the
oldest firms on the London Stock Exchange. Charles Stanley today
provides holistic wealth management services to private clients,
charities and smaller institutions. These are delivered by over 450
professionals located in 25 offices throughout the UK, both direct
to clients and to intermediaries. Our services include investment
portfolio management and financial planning, supported by in-house
administration and custody for investment portfolios, SIPPs and
ISAs to enhance the quality of service provided. In addition,
Charles Stanley Direct provides an award winning direct to customer
Execution-only dealing platform for equities and funds.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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