IFG Group has agreed to sell its UK-based IFG Financial Services for an initial consideration of £3.5 million, in a deal that represents the final step of the company’s strategy of selling off its non-core businesses.

In a statement, the Dublin-headquartered company said it has sold IFG Financial Services to Ascot Lloyd for £3.5 million in cash, which could potentially rise by a further £5.6 million if certain revenue targets are met.

“The initial sale consideration is £3.5 million which will be paid on completion; and up to a maximum of £5.6 million in contingent deferred consideration, payable in installments on the 1st and 2nd anniversary of the sale,” it said.

IFG said the sale will facilitate an increased focus on the continued growth and development of its core UK businesses, Saunderson House and James Hay Partnership.