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Jarvis Securities PLC on Monday said it has completed the sale of its retail execution-only brokerage business for up to £11 million, and proposed the cancellation of trading on London’s AIM. Shares in Jarvis Securities jumped 14% to 20.55 pence in London on Monday afternoon. The stock is down 65% over the past year, however. The Tunbridge Wells, Kent-based investment manager’s wholly-owned subsidiary Jarvis Investment Management Ltd made the sale to Interactive Investor Services Ltd. The first £9 million initial consideration is due to be paid to Jarvis Investment ‘shortly’, with the remaining £2 million deferred for up to around 18 months, subject to potential adjustments for claims under the terms of the deal. Assets under administration for the execution-only business was around £1.27 billion at April 14, which was around the time the sale agreement was first announced. The group now comprises only the Model ’B’ clearing and settlement service arrangements within Jarvis Investment. As a result, Jarvis has begun the process of terminating these arrangements and winding down its other operations, which it expects will take around 15 months to complete. ‘We believe this transaction represents the best outcome for the group and its clients given the position of Jarvis Investment Management at this time and its future viability,’ Jarvis Managing Director Andrew Grant had said in April. Once the wind-down of its operations is completed, Jarvis will become a cash shell, and so is required to make a reverse takeover within the following six months. However, Jarvis said on Monday: ‘At this time, the directors do not intend to make any acquisitions. ‘Whilst they continue to keep their strategic options for the remaining assets of the group under review, the directors currently intend to seek a cancellation of the company’s admission to trading on AIM.’ The proposed cancellation is subject to shareholder approval, and further announcements will be made ‘in due course’. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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