Ashcourt Rowan to sell pension trustee companies to Mattioli Woods

AIM-listed wealth management business Ashcourt Rowan has agreed to sell its pension trustee companies, Ashcourt Pension Trustees and Robinson Gear Management Services, and the trade and certain assets of its pension administration business, Ashcourt Rowan Administration, to Mattioli Woods for a total consideration of up to 1.34m pounds.

AIM-listed wealth management business Ashcourt Rowan has agreed to sell its pension trustee companies, Ashcourt Pension Trustees and Robinson Gear Management Services, and the trade and certain assets of its pension administration business, Ashcourt Rowan Administration, to Mattioli Woods for a total consideration of up to 1.34m pounds.

In an update published on Tuesday, the group said that this comprised an initial consideration of £700,000 with further deferred payments of up to £625,000, payable subject to certain revenue and client retention targets being met during the five years following completion.

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