13th Oct 2005 15:54
Arbuthnot Banking Group PLC13 October 2005 ARBUTHNOT BANKING GROUP PLC SALE OF ARBUTHNOT INSURANCE BROKERS LIMITED Arbuthnot Banking Group PLC ("the Group") announces that it has sold itssubsidiary, Arbuthnot Insurance Brokers Limited, to The Towergate Partnershipfor a cash consideration of approximately £2 million. The sale will give riseto an exceptional pre-tax gain on disposal in the Group's 2005 accounts inexcess of £1 million, with the exact figure being determined following agreementof the completion accounts. Henry Angest, Chairman and Chief Executive of Arbuthnot Banking Group PLC,commented:- "With the increased burden of regulation in the general insurance brokingmarket, we have concluded that Arbuthnot Insurance Brokers will be able todevelop more successfully as part of a larger general insurance group. We aredelighted therefore to have found a purchaser in The Towergate Partnership whowe believe will enable the business to realise its full potential, offer goodprospects for the staff and continue to provide an excellent service to clients,including those who are also clients of our private banking division." 13 October 2005 Enquiries Arbuthnot Banking Group PLCHenry Angest, Chairman and Chief Executive Tel: 020 7012 2400Stephen Lockley, Group Finance Director Tel: 020 7012 2055Andrew Salmon, Chief Operating Officer Tel: 020 7012 2424 College Hill:Tony Friend Tel: 020 7457 2020Richard Pearson Tel: 020 7457 2020 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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