Retail business to be sold to consolidator's Welsh subsidiary.

Culver Holdings has entered into a conditional agreement to sell its retail insurance broking subsidiary, Culver Insurance Brokers, to Protectagroup Acquisitions Limited, a subsidiary of Cullum Capital Ventures (CCV).

On completion, CCV has agreed to pay £4m plus adjusted net assets when finally determined, less estimated intra-group balance of £1.75m.

There is a deferred consideration of up to £2m dependent on Culver's net brokerage in the year following completion.

Culver chairman Richard Read said: "This disposal continues our policy of realising value for shareholders when attractive offers are received and where a change of ownership could enhance the growth prospects of a business in a way Culver could not.

"The sale will also refresh the Group's balance sheet at a time when the continuing, developing businesses are still absorbing cash."