Business

Monday 22 September 2014

IFG sells Irish unit to Willis for up to €13.5m

Published 29/08/2014 | 02:30

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Mark Bourke
IFG
pic mark condren
may 2010
Chief financial officer of IFG, Mark Bourke

Financial services firm IFG has sold its Irish business to Willis Ireland for up to €13.5m.

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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.

Irish Independent

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