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Braveheart sells Envestors arm to management team

Braveheart Investment Group has sold its Envestors subsidiary to a management buy-out team.

The Perth-based investment firm said Envestors has shown steady growth since it was acquired in a £2.5 million all-share deal in 2010 but has not contributed positively to the group's financial performance.

The consideration for the sale is the cancellation of the final Braveheart share issue due to the three management buy-out participants.

Consequently, 882,971 new Braveheart shares will now not be issued.

Some 324,924 new Braveheart shares will still be issued to a fourth member of the management team, who exited the business in March 2013.

Shares in Braveheart traded at 15.5p yesterday.

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