Intrinsic Financial Services will acquire Positive Solutions for a deferred consideration of up to £9.5m, according to its latest set of accounts.
The deal was first announced last June, with Aegon selling its advice arm as part of a refocus on platform provision post-Retail Distribution Review.
The integration of the two businesses is now almost complete, but until this point it had not been revealed how much was paid under the terms of the agreement.
The financial statement explained: “The additional investment in subsidiary undertakings include £19,024,000 for the acquisition of Positive Solutions (Financial Services) Limited.”
This £19m sum consists of the £9.5m payment depending on warranty claims over an undisclosed time period, plus a £9.1m loan Positive Solutions had from Aegon, which was written off within the transaction.
The firm spent £1.9m on integration costs during 2013, while adviser numbers grew to 2,999 from the 2,035 during the year, with 743 new staff joining from Positive Solutions and 221coming from organic growth.
The reports also showed that to the end of last year, Intrinsic made a pre-tax loss of £3.2m, down from a £24m profit in 2012.
While turnover increased to £175m from £121m, administrative expenses rose to £38m from £32m and the cost of sales went up to £133m from £85m.
