Charles Stanley division in MBO
CHARLES Stanley Financial Solutions, which offers consultancy services on employee benefit arrangements, has been bought by its management team for £2m.
The Liverpool-based business is the employee and corporate benefits division of listed stockbroker Charles Stanley Group.
It has been sold to to CS Financial Solutions Holdings Limited, representing the management team led by managing director Mr Paul McGuckin, for a total consideration of £2m.
CS Financial Solutions will pay £1.5m in cash and £500,000 in loan notes repayable in equal instalments over three years on the anniversary of the completion date.
Charles Stanley Financial Solutions reported a trading loss before tax of £200,000 for the year ended March 31, 2015 and had total net assets of £200,000.
Based in Liverpool, it has three other specialist teams that operate out of London, Birmingham and Plymouth.
Charles Stanley Group said it expects to incur a small loss on the sale in addition to the trading losses suffered by Charles Stanley Financial Solutions during the last financial year.
