Cobra disposes of insurance broking operations
Cobra Holdings has announced the sale of certain fixed assets of its insurance broking operations in Caterham and Alton to ASG Risk Management, a subsidiary of Aston Scott Group, for £8.2m.
The payment comprises £5m in cash on completion, a further £490,000 for the freehold property and a cash earn out over two years, anticipated to raise a further £2.7m. Cobra said the deal was due to complete on 30 November 2011 and the proceeds will be used to reduce debt.
The sale will also reduce Cobra's operating profits but the company claimed the deal meant that with reduced borrowings it would be able to invest further in its core business. The businesses will also continue to support
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