Brooks Macdonald Group PLC Disposal (3614R)
21 September 2017 - 4:01PM
UK Regulatory
TIDMBRK
RNS Number : 3614R
Brooks Macdonald Group PLC
21 September 2017
21 September 2017
BROOKS MACDONALD GROUP PLC
Disposal of Braemar Estates
Brooks Macdonald Group plc (the "Group"), the AIM listed wealth
management group, today announces the disposal of Braemar Estates
(Residential) Limited ("Braemar Estates"), the Group's property
management business ("the disposal").
The business is being acquired by Rendall & Rittner Limited,
an experienced operator in the property management sector, for a
total cash consideration of GBP1.9 million on a cash free, debt
free basis. The consideration will be paid in three tranches with
an initial 50% to be paid upon completion of the disposal (which is
anticipated by the end of 2017 following a TUPE consultation), and
the remainder deferred, payable over a two-year period from the
completion date.
The disposal follows a recent a review of Braemar Estates,
following which the Board took the decision to sell the business,
enabling the Group to focus more closely on Brooks Macdonald's core
offerings. It will allow the Group to operate with a more
streamlined business and will contribute over time to improved
margins.
In the Group's financial year ended 30 June 2017, Braemar
Estates represented 3.2% of the Group's revenue (GBP2.9m), 0.7% of
its underlying profit (GBP126,000), 1.4% of its statutory profit
(GBP112,000) and -0.6% of its net assets (Braemar has net
liabilities of GBP0.5m).
Caroline Connellan, Chief Executive of Brooks Macdonald Group,
commented:
"The disposal of our property management business will enable us
to focus more closely on our core offerings and is expected to
contribute over time to improved margins."
ENDS
Enquiries to:
Brooks Macdonald Group plc www.brooksmacdonald.com
Caroline Connellan, Chief Executive 020 7499 6424
Simon Jackson, Finance Director
Andrew Shepherd, Deputy Chief
Executive
Peel Hunt LLP (Nominated Adviser
and Broker)
Guy Wiehahn / Adrian Haxby 020 7418 8900
MHP Communications
Reg Hoare / Simon Hockridge /
Giles Robinson / Charlie Barker 020 3128 8100
This information is provided by RNS
The company news service from the London Stock Exchange
END
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