Mon, 24 Sep 2012 | MBO/MBI
A management buy-out has seen the Edinburgh-based side of finance firm Quayle Munro sold for £1.
The company confirmed that its Scottish project advisory business was sold to senior management in Edinburgh to allow the firm as a whole to focus its efforts on the London business.
The sale was initially announced in July after a “comprehensive review” found that it was not possible to justify the costs of continuing to run the Scottish operations. In making the sale, Quayle Munro claimed that it spent £1.2 million in redundancy, property provision costs, professional fees and other expenses.
Quayle Munro Project Finance (QMPF) was established by the senior management in order to make the buy-out. In return for giving Quayle Munro a 30 per cent interest in the newly-founded company, QMPF will receive £375,000 in cash for working capital, as well as a loan facility of up to £375,000, which will be repayable by June 2015.
Andrew Adams, Quayle Munro Holdings chief executive, commented on the sale: “We are pleased to have completed the disposal of our project advisory business to our former colleagues in Edinburgh and we wish them well in the future.
"Quayle Munro will now focus its efforts on continuing to develop the London-based corporate finance business. The prospects for our London business remain positive."
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