Update
Jarvis Securities plc has received the first deferred consideration payment of approximately £1,029,000, including accrued interest, from the sale of its retail execution only brokerage business. This payment is part of the total up to £11m consideration for the transaction, with an initial £9m already paid and a final £1m deferred payment due around January 2027, subject to potential adjustments. The funds received by its subsidiary, Jarvis Investment Management Limited, are intended to be retained during its wind-down process, with any surplus potentially benefiting the Company if Jarvis Investment Management Limited is not sold.
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On 7 July 2025 Jarvis announced (the "Announcement") that its wholly owned subsidiary Jarvis Investment Management Limited ("JIML") has sold its retail execution only brokerage business, for a total consideration of up to £11m to Interactive Investor Services Limited (the "Transaction"). The £9m initial consideration was paid to JIML straight away with the remaining £2 million of the consideration deferred for up to c.18 months and subject to potential adjustment for claims under the sale agreement ("Deferred Consideration"),
The Company is pleased to announce that JIML has now received the first Deferred Consideration payment of £1m plus accrued interest, for a total payment of c.£1,029,000. The second and final Deferred Consideration payment, also of £1m (subject to potential adjustment for claims under the sale agreement) is due on or around 7 January 2027.
At this stage it is intended that JIML will retain these funds during the wind down process after which any surplus will be available for the benefit of the Company, if JIML has not been sold pursuant to the potential sale process announced on 5 May 2026. At this stage there can be no certainty as to the timing of any sale of JIML or that it will occur at all. Full details of the proposed disposal are set out in the Company's announcement of 5 May 2026.
Further updates will be provided in due course.
Steve Middleton, Non-executive Director of Jarvis Securities Plc, has approved this announcement and authorised its release.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.