Charles Stanley sells broking division to Panmure Gordon

Investment group Charles Stanley has completed the sale of its broking division to Panmure Gordon for an undisclosed amount.

Negotiations for the sale of Charles Stanley Securities lasted just over two months, the London-listed company said, adding the divestment was in line with its strategy to streamline and overhaul the business.

In a short statement released on Wednesday, Charles Stanley added it was not planning any further disposals, although it would continue to carry on its restructuring process.

Meanwhile, Panmure chief executive Philip Wale hailed the deal, describing it as a timely boost for the company.

“We are delighted to welcome our new colleagues at an exciting time for Panmure Gordon as we grow the company and focus firmly on serving our corporate and institutional clients and on improving value for our shareholders,” he said.

Charles Stanley shares were up 0.44% to 374.64p at 11:50 on Wednesday.