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Friends and Skandia in £1.65m Cavanagh share stake deal

Friends Provident and Skandia are together taking a £1.65m stake in listed IFA Cavanagh.

Under the deal Friends Provident will pay £1m and Skandia £650,000 for newly issued shares in the national IFA.

Cavanagh Group managing director Simon Redgrove says: “We have a very sound business model and the new issue allows us to continue our plan for organic growth. It is greatly encouraging that major life companies such as Friends Provident and Skandia believe in our plans and development as much as we do.”

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