Investment Research Group BOP has sold its Tauranga office to one of their investment advisors.

Andrew Parkinson has purchased the IRG Tauranga office and although the sale price is confidential, it is approximately 15 per cent above the IRG book value.

Andrew Parkinson has purchased IRG's Tauranga office.

IRG will be renamed Bay Financial Partners Limited and will continue to trade independently.

Marvin Yee, Chairman of Directors says they had already announced their intention to sell the assets of the group and retain the company as a listed shell.

'This is the first stage of this process and further announcements will be made as further steps are completed,” says Marvin.

IRG managing director Brent King says they had a number of interested parties and ran a process which included an indicative offer and subsequent due diligence resulting in a final offer.

'We are pleased that the successful bidder is one of the Investment Advisors in the Tauranga office, Mr Andrew Parkinson,” says Brent

'The office is perfect for a locally-owned business. Under IRG ownership we had not been able to increase the size of the business to contribute to the costs of a listed company.”

'All client relationships and other contracts would continue. Mr Parkinson will be in contact with clients as soon as practical,” says Brent.

Andrew, the principal of the purchasing company, says it is great to have the business in local hands.

'The advisors and staff have worked hard to protect and enhance the interests of clients. There will be some changes over time however these will be advised to clients directly. I take this opportunity to thank Mr King and the IRG staff for the good working relationships over the last four-years.

'We have enjoyed the interactions and directions. IRG invested here at a difficult time for the business and has brought stability and direction to the company. We understand their reasons for selling and thank them for the opportunity to take control and to develop the business further,” says Andrew.