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Ince Group PLC on Wednesday said it has agreed to sell stock broker Arden Partners to Zeus Group Ltd in order to focus on its core legal operations, citing "prevailing market conditions".
The London-based legal and professional services firm said it will receive £1 million in cash, though this is only equal to the free cash in Arden. Additionally, it will receive an earnout consideration of up to £2 million based on Arden revenue for three months post-acquisition.
The acquisition is pending UK Financial Conduct Authority approval and agreement of Ince's lending bank.
"In challenging market and economic conditions, the disposal of Arden will allow Ince to focus its resources on its core legal business where there are increasing opportunities. It also benefits Arden whose clients and employees will become part of a much larger business that is well positioned in the London equity markets," said Chief Executive Officer Donnie Brown.
Ince had completed the purchase of Arden, a former AIM listing, in only in April. The all-share merger had valued Arden at £10 million when it was first announced in October of last year.
Shares in Ince were up 2.9% to 7.05 pence in London on Wednesday afternoon.
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