Jarvis Securities (AIM:JIM) has received the first deferred consideration instalment from its sale of the retail execution-only brokerage business to Interactive Investor Services, collecting approximately £1.03m including accrued interest.
The AIM-listed financial services group sold the brokerage unit through its subsidiary Jarvis Investment Management (JIML) for total consideration of up to £11m, with £9m paid at completion and the remaining £2m split into two deferred tranches of £1m each.
The second and final deferred payment, also of £1m and subject to potential adjustment for claims under the sale agreement, falls due on or around 7 January 2027.
JIML intends to hold the funds as part of its wind-down, with any surplus to be returned to the parent company, provided JIML has not been sold under a separate disposal process announced in May.
