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Westhouse Holdings / Arbuthnot
- BY: Andrew Hore |
- POSTED: 10/01/2012 |
- COMMENTS: Add yours
Aim adviser Arbuthnot Securities lost £8m in 2011.
Arbuthnot Banking Group says that there will also be a £3.5m provision for the costs of an employee share scheme. The deal to sell the broking business to Westhouse has not received FSA approval yet so the £1m loss on disposal will not be booked until the 2012 figures. Any further figures for the broking business prior to its disposal will be reported as discontinued operations.
Westhouse is paying £1m in cash, £588,000 in shares and £350,000 in the form of a perpetual convertible loan notes for Arbuthnot Securities.
The combined broking group will have more than 90 Aim clients.
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