Xplore Wealth has announced the sale of its 50 per cent stake in Queensland financial planning business McGregor Wealth Management.
In a statement on the Australian Securities Exchange (ASX), the firm said it had signed a binding agreement to transfer its shareholding back to an entity controlled by Rob McGregor for $500,000.
This would be in addition to repayment by this entity of $225,000 in loan funds.
The deal followed a request by McGregor to buy back the Xplore Wealth stake in his firm. It would also allow Xplore Wealth to focus on its work supporting high quality advice practices with its platform solutions.
Peter Brook, Xplore Wealth non-executive chair, said: “Xplore Wealth was pleased to support Rob establish his business, and we are proud to see it up and running successfully. We look forward to continuing to support Rob and his team through our platform solutions.”