Wealth manager Brooks Macdonald Group has sold property management business Braemar Estates to Rendall & Rittner for £1.9m.
The board decided to sell the group following a review of Braemar Estates, with the intention to focus closely on core offerings.
In the annual results to 30 June 2017, Braemar Estates represented 3.2% of the group’s £2.9m revenue.
Caroline Connellan, chief executive of Brooks Macdonald Group, said: “The disposal of our property management business will enable us to focus more closely on our core offerings and is expected to contribute over time to improved margins.”
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