Randall & Quilter sells Synergy in 'best value' transaction

29th Feb 2016 14:40

(ShareCast News) - Randall & Quilter completed the sale of specialist managing general agent Synergy - which provides a range of bespoke personal high net worth products - to Plum Underwriting on Monday.The AIM-traded company confirmed the upfront cash consideration was higher than the carried value of Synergy in the group's latest published accounts, though did not go into further detail.Randall & Quilter's board said the sale of Synergy was part of its targeted disposal strategy first referred to at the end of 2014, and was intended to enable the group to focus on its core strengths."Following a full evaluation process, the board has determined that the growth potential of the business is greater for a larger scale underwriting agency such as Plum with is strong existing focus on the UK and Republic of Ireland home insurance market," its board said in a statement."This has been reflected in an offer for the business which the board believes delivers the best value for shareholders," it added.