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Read IFA in management buy-out

Article Date:  Jun 30 2009 James Harris

Hanover-based financial services provider AWD Group has sold its subsidiary Read IFA to management. The terms of the deal were not disclosed.

The sale is part of a strategic review by DAX-listed AWD Group, which has included the disposals of its internet business, moneyextra.com, and its Leicester-based mortgage advisory subsidiary, AWD Home Finance.

Brabners Chaffe Street’s Manchester-based corporate team provided legal counsel to AWD. Sam Mabon, partner in the corporate team at Brabners, said: “This is the culmination of a thorough strategic review by the firm, which will enable it to concentrate on core operations and consolidate its market-leading status.”

Mark Broadhead, legal and regulatory director of AWD, added: “The past 18 months have been an intense period of change and investment in the AWD Group in the UK, and we are pleased to have cemented the strong working relationship with the team at Brabners Chaffe Street with this appointment to our new legal panel.”

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