Ince Group PLC (The) Completion of strategic disposals (0115V)
March 31 2023 - 11:17AM
UK Regulatory
TIDMINCE
RNS Number : 0115V
Ince Group PLC (The)
31 March 2023
31 March 2023
The Ince Group plc
("Ince", the "Company" or the "Group")
Completion of Strategic Disposals and separation of German
Business
The Board of Ince Group PLC (AIM: Ince), a full service
corporate and commercial law firm specialising in the shipping,
insurance, aviation, energy, construction/real estate and
high-net-worth advisory sectors, announces the successful
completion of the disposal of its non-core Bristol-based claimant
personal injury and clinical negligence practice to Clinical
Negligence Services Ltd (trading as Enable Law) (the "PI
Disposal").
As stated in the Company's announcement on 27 January 2023, Ince
received GBP1.3 million in cash consideration in respect of the PI
Disposal, which has been applied to the Group's working capital
requirements.
Ince also announces that the disposal of its Gibraltar
subsidiaries, as described in the Company's announcement on 3
October 2022, has completed on the terms set out in that
announcement (the "Gibraltar Disposal"). As noted in the 3 October
2022 announcement, the Gibraltar Disposal will yield total
consideration of GBP700,000 in cash, less approximately GBP210,000
in respect of certain costs and deferred consideration, which will
be applied to the Group's working capital requirements.
In addition, Ince announces that further to the announcement on
23 November 2022, the accounting deconsolidation and necessary
resetting of the relationship with Ince Germany to effectively
separate it from the Group, as required by local laws and
regulations following the implementation of Brexit, will complete
today. The former Ince Germany entities will be renamed as Ancon
Blue, and Ince and Ancon Blue will retain a close relationship as
preferred referral partners.
Contacts:
The Ince Group plc
Donald Brown, Group Chief Executive investorrelations@incegd.com
Simon Oakes, Chief Financial Officer
Allenby Capital Limited - Nominated
Adviser +44 (0) 20 3328 5656
Jeremy Porter / Piers Shimwell, Corporate
Finance
Arden Partners plc - Broker +44 (0) 20 7614 5900
Louisa Waddell, Corporate Finance
Simon Johnson, Corporate Broking
About The Ince Group plc
The Ince Group is a dynamic international legal and professional
services business with offices in nine countries across Europe,
Asia and the Middle East. With over 700 people, The Ince Group
delivers legal advice, strategic guidance and business solutions to
clients ranging from the world's oldest and biggest businesses
operating across numerous industries to ultra-high net worth
individuals. Through its entrepreneurial culture and "one firm"
approach, the business offers its clients over 150 years of
experience, insight and relationships. The Groups driven by a
unique team of passionate people whose broad expertise and deep
sector specialisms provide their clients with solutions to all
their complex legal and strategic needs.
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