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Arc Fund Management
- BY: Andrew Hore |
- POSTED: 03/10/2008 |
- COMMENTS: Add yours
Arc Fund Management is selling its original businesses to concentrate on the IFA market.
Arc Fund Management, Arc Equities and Arc Capital and Income are being sold to John Gracey, a former director of the holding company, for £2. A £300,000 loan also has to be repaid to the holding company. A further £150,000 is payable when the purchase of Arc Capital and Income is completed. There may be additional consideration payable if the businesses hit what look to be unlikely profit targets. Total profits from Arc Capital and Income in the two years to December 2010 have to exceed £1m to trigger a payment and the maximum payable would be £3.4m. The business creates and sells structured products and provides broking services. It is making a small profit but it has made more significant profits in stronger markets.
Lord Ashcroft’s Mayfair Ltd is investing £676,000 at 2.7625p a share. Last December, Mayfair Ltd invested £2.1m at 8p a share.
This will help to finance the consolidation of IFA businesses.
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