Listed UK advisory group Lighthouse has sold its holding in Bristol-based subsidiary and appointed representative Deverill Black & Company Ltd to Towry in a deal worth more than £500,000.
In a statement on the London Stock Exchange, Lighthouse said Towry had made an approach for the independent advice firm and that the offer was accepted due to Deverill not being “strategic in nature”.
The firm said: “Having been approached and concluded that the holding was not strategic in nature, the group accepted the offer made for its shareholding in Deverill Black.”
Deverill Black recorded a profit before tax of £44,173 for the year ending 31 December 2012, a profit after tax of £29,506 and net assets of £152,891. Lighthouse held a stake of 50.1 per cent in the firm.
According to the Financial Services Register, Deverill become an AR of Lighthouse in April 2011, following a decade with The Falcon Group.
Lighthouse has been undergoing a strategic review in recent months after it made an overall loss of £4.6m before tax in 2012. Earlier this year it closed its administrative “back office centre” in Exeter.
Towry purchased the majority holding in Deverill for £501,000 cash, paid at completion. Lighthouse said proceeds from the sale will be “retained as part of its overall working capital”.
Towry has been actively acquisitive this year, claiming on 4 April to be in buyout talks with 85 UK firms.
Separately, Lighthouse has announced that Mark Ross, group risk director, company secretary and Lighthouse board member, has resigned with effect from 31 March 2014. Mr Ross joined Lighthouse on 1 January 2008.
