Technology company Watchstone has announced the proposed disposal of the Ingenie Business to A-Plan Group, acting through its related companies Endsleigh Insurance Services and Trafalgar Bidco, for a cash consideration of up to £5.5 million, including an aggregate of £3 million in cash payable on completion.
The group said that in addition to the initial consideration, it will be entitled to up to an aggregate of £2.5 million in cash payable conditional on the financial performance of the Ingenie Business during 2021.
The company will also retain its subsidiary ISL, which it said is seeking repayment of overpaid VAT in the sum of over £2 million from HMRC.
In a statement, Watchstone confirmed that the disposal will be effected through the sale of the entire issued share capital of Romeo Newco and the transfer of the general insurance broking business operated by ISL under the name Ingenie.
At 9:52am: (LON:WTG) Watchstone Group Plc share price was -5.7p at 63.5p