IRG sells Tauranga advice business
Listed research and advisory firm Investment Research Group (IRG) has sold its Tauranga office to one of the investment advisers who works there.
Monday, August 13th 2012, 6:09AM
The IRG BOP was previously the financial planning business set up by Phillip King, known as Ellerie Cornwall. IRG bought it from King in 2008.
IRG BOP has been sold to a company led by one of the investment advisers in the office, Andrew Parkinson, and is to be renamed BOP Financial Partners.
Parkinson is a registered financial adviser.
Although the sale price is confidential, IRG says it is about 15 % above the IRG book value.
IRG managing director Brent King said, "The office is perfect for a locally-owned business. Under IRG's ownership we had not been able to increase the size to contribute to the costs of a listed company."
He said all client relationships and other contracts would continue and Parkinson would be in contact with clients as soon as practical.
Parkinson said, "It is great to have the business in local hands. The advisers and staff have worked hard to protect and enhance the interests of clients. There will be some changes over time, however, these will be advised to clients directly."
IRG is in the process of selling its assets while retaining the company as a listed shell. This is the first stage asset sales in this process.
IRG Group announced a net loss of $1.14 million for the year ended March 31.
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