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Royal Liver looking to offload Park Row, say reports

Royal Liver has appointed accountants Ernst & Young to oversee a sale of its loss-making distribution arm Park Row, according to reports.

It bought the adviser business in 2003 for £16.7m, but Park Row posted operating losses of £5.8m in 2008, despite cuttting costs by £3.3m between 2007 and 2008.

In March, Money Marketing revealed that Park Row was being investigated by the FSA as part of a review into its systems and controls.

A Royal Liver spokesman says: “We have received a number of enquiries about Park Row in recent months; the sector is changing rapidly and some are looking to enter or expand. We are considering our strategic options, which, as always could range from withdrawal from the distribution space or could include adding to our presence, given that any operation needs scale in this sector.”

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