British regulator clears way for £206m IFG takeover

Sale of financial services firm needs court approval, with date set for end of August

The sale of financial services company IFG  values the group at £206 million. Photograph: iStock

The sale of financial services company IFG values the group at £206 million. Photograph: iStock

 

British authorities have approved the sale of financial services company IFG to UK-based private-equity group Epiris, clearing the way for the deal’s completion.

The Financial Conduct Authority backed the sale, which shareholders overwhelmingly backed at an extraordinary general meeting in May. The deal will now go before the high court, with a hearing set for August 27th.

The Irish-domiciled but UK-focused company has two divisions, a retirement wealth-planning business and a financial advisory company.

The sale, which values the group at £206 million (€222 million), follows a series of difficulties including the botched sale of its Saunderson House unit. That led to the share price being undervalued, chief executive Kathryn Purves said, noting that the proposed sale was the best way forward.

In a trading update last May IFG said James Hay, the wealth management arm, had 59,000 customers while Saunderson House served 2,385 clients.