IFG sells Irish unit to Willis for up to €13.5m
Published 29/08/2014 | 02:30
Financial services firm IFG has sold its Irish business to Willis Ireland for up to €13.5m.
IFG generates most of its revenue in the UK, where it administers thousands of individual pension plans.
It said it will receive an initial €11.5m for the sale of its Irish pension and advisory business.
Up to an additional €2m could be paid in two years' time depending on the revenue generated by the new combined business in the intervening period.
The division being sold generated pre-tax profits of around €120,000 in the first six months of 2014.
Releasing first-half results yesterday, IFG said that its revenue from continuing businesses rose 8pc to £34.1m (€43m).
Adjusted operating profit from continuing businesses declined to £4.3m (€5.4m) from £5.2m a year earlier.