Walker Crips to sell corporate advice arm for £270,000

Walker Crips Group has entered into an agreement with BWV Investments over the sale of its subsidiary Keith, Bayley, Rogers & Co.

Walker Crips, which earlier this year disposed of its asset management business to Liontrust, wants to sell the entire issued share capital of KBR, though the proposed deal will be subject to regulatory approval.

If given the green light, KBR, which offers corporate finance advice to smaller quoted firms, will be sold for an amount in the region of £270,000.

Typically, KBR offers its services to smaller companies and in the year ended 31 March it recorded turnover of £302,000 and a loss before tax of £92,000.

Rodney FitzGerald, chief executive of Walker Crips, said that proceeds from the sale would be reinvested into the wider group.

'The company is focussed on investing in and expanding its core stockbroking, wealth and investment management businesses. KBR has a long and distinguished history but it is non-core to our current plans,' he said.