Arbuthnot Banking Group PLC
13 October 2005
ARBUTHNOT BANKING GROUP PLC
SALE OF ARBUTHNOT INSURANCE BROKERS LIMITED
Arbuthnot Banking Group PLC ('the Group') announces that it has sold its
subsidiary, Arbuthnot Insurance Brokers Limited, to The Towergate Partnership
for a cash consideration of approximately £2 million. The sale will give rise
to an exceptional pre-tax gain on disposal in the Group's 2005 accounts in
excess of £1 million, with the exact figure being determined following agreement
of 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 broking
market, we have concluded that Arbuthnot Insurance Brokers will be able to
develop more successfully as part of a larger general insurance group. We are
delighted therefore to have found a purchaser in The Towergate Partnership who
we believe will enable the business to realise its full potential, offer good
prospects 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 PLC
Henry Angest, Chairman and Chief Executive Tel: 020 7012 2400
Stephen Lockley, Group Finance Director Tel: 020 7012 2055
Andrew Salmon, Chief Operating Officer Tel: 020 7012 2424
College Hill:
Tony Friend Tel: 020 7457 2020
Richard Pearson Tel: 020 7457 2020
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