Feb 16th 2011 - Edison Investment Research today published a report on Brewin Dolphin Holdings (BRW.L, LSE:BRW, LON:BRW) entitled "Portfolio Tidying". In summary, the report says:
Brewin Dolphin announced the proposed sale of its Corporate Advisory and Broking division to management and financial backers. On our estimates, the unit represented less than 5% of group revenues and profits, and the strategic synergies of being part of Brewin Dolphin (BD) were modest. The consideration is £1m cash and a 14% preferred interest in the new entity (valued at £4m) which is expected to be held for the long term. The latter has some upside for BD if the unit outperforms expectations.
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