Financial services group IFG has completed the sale of its UK traditional IFA business , IFG Financial Services, to Ascot Lloyd Financial Services.

To date, IFG has received consideration of £2.5 million (€3.2m) in cash for the business, but it may receive a maximum of up to £5.4 million in contingent deferred consideration, dependent upon future revenue targets. This is payable in instalments on the first and second anniversary of the sale. In 2103, IFG’s UK IFA business recorded a statutory loss of £0.5 million primarily driven by restructuring costs. The gross profit was £0.3 million

In a statement, IFG said that the sale marks the final step in the rationalisation of its non-core UK activities and facilitates “an increased focus on continued growth and development of our core UK businesses, Saunderson House and James Hay Partnership”.

“The sales proceeds will further strengthen our balance sheet and facilitate continued investment in these businesses.”

Last month IFG announced that it would sell its Irish pension administration and advisory businesses to Willis Ireland for a maximum cash consideration of £10.8 million (€ 13.5 million). The group also announced that it is in advanced discussions in relation to the disposal of the general insurance businesses ARB and Insure4Less.