Ince Group PLC (The) Completion of strategic disposals (0115V)

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          [e-mail] 
 Simon Oakes, Chief Financial Officer 
 
 Allenby Capital Limited - Nominated 
  Adviser                                     [phone] 
 Jeremy Porter / Piers Shimwell, Corporate 
  Finance 
 
 Arden Partners plc - Broker                  [phone] 
 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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March 31, 2023 11:17 ET (15:17 GMT)