Financial services company IFG Group has agreed a deal to sell its UK-based IFG Financial Services businesses to Ascot Lloyds for an initial consideration of £3.5m.

The move is in line with IFG's strategy to exit its non-core business.

The company said that a further maximum of £5.6m will be paid on the first and second anniversary of the sale, depending on future revenue targets.

IFG said the sale is the final step in the rationalisation of its non-core UK activities and allows an increased focus on continue growth and development of its core UK businesses - Saunderson House and James Hay Partnership.