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Charles Stanley completes sale of EBS Management to Embark Group

Charles Stanley Group Plc completed the sale of wholly owned subsidiary EBS Management Plc to Embark Group Ltd. for a total consideration of up to £4.0 million, following approval from the U.K. Financial Conduct Authority and fulfillment of all other closure requirements.

The initial cash consideration amounts to £2.0 million, with a further £1.0 million fixed consideration to be paid over two years and a contingent consideration of £1.0 million to be paid over two years based on EBS Management's future revenues.

The transaction is part of Charles Stanley's strategy to focus on its wealth investment management activities.

EBS Management reported a trading pretax profit of about £30,000 for the year ended March 31, with total net assets of £1.7 million.