Financial services company IFG has sold its British-based financial advice business for €2.6 million.
The ISA Shop Ltd, a specialist independent financial advisor, based in Nottingham, provides a direct market service on single premium investment products, individual savings accounts and insurance company bonds.
The Purchaser is The Money Portal plc, a London based financial consultants.
IFG said the disposal is consistent with its focus on fee based independent financial advisory activities and the proceeds will be applied to reduce debt and strengthen the Group's balance sheet.
In 2002 ISA Shop reported pre tax profit of £353,324 on turnover of £1,157,366. Net assets were £831,653, and since that date a dividend of Stg£550,000 has been paid to its holding company leaving net assets at completion of £178,233.