A subsidiary of the publicly quoted financial services group, IFG, has acquired pensions firm Sheridan Lacey in a deal which could value the company at £560,000 (€711,050).
Sheridan Lacey's managing director, Mr Tommy Sheridan, will remain with the company following its acquisition by Planlife Advisory Services (PAS), which is based in Blackrock, Co Dublin.
Pending approval of the Central Bank, PAS will pay £225,000 for the company initially. An additional £175,000 will be paid in October 2003 if Sheridan Lacey meets certain targets. Other performance-related clauses allow for further payments of £160,000.
The company has 100 corporate and 300 individual customers. Its net assets were worth £29,913 on March 31st last and its has annual renewable income of £80,000.
