James Hay parent company sells Irish pension firm for £11m

IFG Group, which owns Sipp and SSAS wrap provider James Hay, has sold its Irish pension and advisory business to Willis Ireland for £10.8m. The move will allow IFG to "focus on the continued growth and development of James Hay Partnership and Saunderson House", it said in a statement this morning. The company has announced the sale of the business, which principally trades as IFG Pensions, Investments & Advisory Services through the following companies:· IFG Pensco Limited, a pensions consultancy and administration business· Retirement Strategies Limited and IFG Private Clients Limited, both financial advisory companies· Planlife Trustee Services Limited , a professional trustee company· Trade Credit Brokers Limited, a trade credit insurance broker {desktop}{/desktop}{mobile}{/mobile} An initial £9.2m will be paid on completion with another £1.6m deferred and dependent on business performance in the next two years.Gary Owens, chief executive of the IFG Ireland segment, will join Willis to head up the combined pension and employee benefits business in Ireland and will resign from the board of IFG Group.Mr Owens said: "The whole team of IFG Ireland and I are looking forward to the opportunities in joining Willis and our clients will benefit from a globally recognised brand name and the resources to add further strength and depth to the overall service offering."Paul McNamara, chief executive of IFG Group, said: "The newly combined business, backed by the global scale and presence of Willis, represents a compelling opportunity for our colleagues and enhanced services for clients."This transaction is consistent with our strategy to focus on the continued growth and development of James Hay Partnership and Saunderson House."The sales proceeds will further strengthen our balance sheet and facilitate investment in these businesses. IFG is now a more sharply focused group with well-positioned businesses and the resources to pursue increased growth in our core markets."Profit before tax for the businesses being sold for the first six months of 2014 was £0.1 million. Gross profit increased from £0.1 million (H1, 2013) to £0.4 million (H1, 2014).Gross assets as of 30 June 2014 were £13.7 million (€17.2 million).IFG Group's general insurance business in Ireland, which trades as ARB, is not included in the sale but it the company is in discussions to sell its interests in this.The sale is subject to consent from the regulator.

James Hay parent company sells Irish pension firm for £11m

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