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IFG sells UK business

FINANCIAL services group IFG has reached a deal to sell its UK business IFG Financial Services.

The Dublin-based company said the initial sale consideration involving Ascot Lloyd is in the region of £3.5m (€4.19m) and will be paid on completion, subject to a maximum of £5.6m (€6.7m), to be paid on the first and second anniversary of the sale.

This will depend on future revenue targets, the group said.

IFG's UK business will be merged by Ascot with their IFA businesses, which will include FG Financial Services Limited, John Siddalls Limited and Berkeley Jacobs Limited.

"This is the final step in the rationalisation of our non-core UK activities and facilitates an increased focus on continued growth and development of our core UK businesses, Saunderson House and James Hay Partnership," Booterstown-based IFG said in a statement.