Listed firm Ince has disposed of its personal injury and clinical negligence business after agreeing a deal with a specialist practice.
The international firm had retained 15 fee earners as part of its Bristol-based PI business despite being better known for working in shipping, insurance and aviation law.
In a statement to the London Stock Exchange, Ince said it had agreed to sell the practice to Enable Law, a firm with six offices already in the south west, for £1.3m in cash. The figure was based on the current value of the practice’s claims book, which has around 275 files.
In the financial year ended 31 March 2022, Ince’s PI division generated revenue of £2.2m and profits before tax of £400,000.
Following the proposed sale, Ince said its offices at Queen Square House, Bristol, will be retained and the site will continue to be an ‘active regional hub’ and a key part of the group’s strategy in the UK.
Ince added: ‘The proposed disposal is consistent with Ince’s strategy to dispose of non-core businesses and focus its insurance practice on corporate insurer clients in the defendant-side market, where six partners have joined the group in the last year.’
The deal is expected to complete next month, subject to binding contracts being entered into and conditions being satisfied, including the approval of Ince’s principal lending bank.
Ince has granted exclusivity to Enable in respect of the disposal, which will terminate on 28 February if a binding agreement has not been reached.
The company completed the disposal of corporate adviser and stockbroker Arden Partners earlier this month. Share trading continues to be suspended because of delays in auditing last year’s results. Ince said in December that it expected to publish its annual report and accounts for the year ended 31 March 2022 by the end of this month.
