Charles StanleyJun 1 2017

Charles Stanley completes pension arm sale

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Charles Stanley completes pension arm sale

Wealth management firm Charles Stanley has completed the sale of its pension business EBS Management to the Embark Group.

The deal was for £4m, split into cash of £2m with a further £1m across two years, and a contingent consideration of £1m over two years based on the future revenues of EBS.

For the year ended 31 March 2017, EBS reported a trading profit before tax of £30,000 and had total net assets of £1.7m.

In a note on the London Stock Exchange this morning (1 June). Charles Stanley stated the disposal is in line with its strategy to focus on its wealth investment management activities, while enabling EBS to become part of a group that specialises in self invested personal pensions and small self administered scheme pension administration.

laura.miller@ft.com