Intrinsic’s £9.5m for PosSol deal

Intrinsic accounts published last week reveal the firm agreed a deferred consideration of £9.5m to acquire national IFA firm Positive Solutions

The firm made a pre-tax loss of £3.2m to end of December 2013, down from a £24m profit in 2012.

It acquired  PosSol in a deal worth a total £19m, including a £9.1m loan note to PosSol written off by former shareholders Aegon.

The firm spent £1.9m on integration costs during the accounting period. Liability provision, including clawback and complaints, stands at £14.8m.

Complaints provision is £1.85m, of which the firm says £637,000 is recoverable from advisers, leaving a net liability of £1.2m.