Sale of an IFA


The Brief

Over the years, Gannons has looked after much of the legal work for the business as it grew and took on new partners. However my latest instruction to Gannons was to act on the sale and purchase of a majority stake in the business to Socium Group.

A split exchange and completion can be problematic for a seller in that they are locked into a contract to sell at a time in the future but for the same price offered today. The seller may end up with a higher risk of claims if the buyer has a long list of conditions and the seller cannot comply with those. This can put tension on the sale, particularly where the split-exchange agreement is drafted to allow the buyer an ‘easy way out’ giving them wide powers to choose whether to complete or pull out based on ambiguous conditions.

What would you say about working with Gannons?

Gannons were responsive, efficient and supportive. I was pleased to have them on my side in negotiations.  They, took the time to really understand our needs and knew when to be tactical, when to push and when to let go.  They also have in-depth knowledge of the various tax matters and IFA compliance issues at play in this transaction, providing a full corporate service.

The team included Helen Curtis – partner and Kim Whitaker – associate solicitor.

Helen Curtis

Helen is a partner and heads up the corporate team, advising start-ups, SME companies, partnerships, entrepreneurs, investors and shareholders. Dual-qualified in the UK and USA and a qualified solicitor since 1998 you couldn't ask for more experience.

Let us take it from here

Call us on 020 7438 1060 or complete the form and one of our team will be in touch.