KBR offers corporate finance services to smaller companies and in the year to 31 March recorded turnover of £302,000 and a pre-tax loss of £92,000. The audited net assets of the business as at the end of March were £310,000.
Walker Crips has entered into a conditional agreement with BWV Investments, which would see it dispose of the entire share capital of KBR.
The completion of the disposal is subject to regulatory approval of the FSA, but is expected to occur on or before 31 March 2013.
Walker Crips said it expected to attract a consideration of £270,000 in cash on completion of the deal, which is equal to the net assets of KBR on close of business on 31 October 2012.
On top of this it will raise £75,000 and the net proceeds will be used to invest in the group’s remaining businesses.
KBR and Walker Crips have also entered into an agreement on normal commercial terms for the ongoing provision of office space, regulatory, compliance and accounting services to KBR.
Rodney FitzGerald, CEO of Walker Crips, said: “The Company is focussed on investing in and expanding its core stockbroking, wealth and investment management businesses. KBR has a long and distinguished history but it is non-core to our current plans.”
