Investment firm Braveheart sells off loss-making Envestors
A Perth-based investment house has sold its corporate advice service, saying it has been making losses.
Braveheart Investment Group is selling Envestors to its managers, having paid nearly £2.5m for the subsidiary three years ago.
The AIM-listed company announced the move to the stock exchange.
Braveheart said the sale of London-based Envestors would enable it to concentrate its resources on growing its fund management business.
The statement read: "Whilst Envestors has shown steady growth since its acquisition in 2010, it has not performed in line with expectations and has not contributed positively to the group's financial performance.
"Furthermore, recent trading has been poor and the business has made significant losses due to high fixed costs."
The two businesses will continue to collaborate on some ventures.
Last year, Braveheart announced it was focusing its business on small and medium sized enterprises.