James Hay and Saunderson House parent company IFG Group has sold its IFA arm to Ascot Lloyd.
The acquisition comprises an initial payment of £3.5m. An additional £5.6m in deferred consideration over the next two years is dependent on future revenues.
The move, subject to regulatory approval, will see IFG Financial Services, John Siddalls and Berkeley Jacobs merge with Ascot Lloyd, which has offices in the South East, the Midlands and Wales. The three businesses currently employ around 40 advisers between them.
IFG Group retains circa 50 advisers that make up London-based Saunderson House.
IFG Group says in a statement: “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.”