32 Disposals

On 28 May 2014, the group sold Amber Taverns, the operator of 95 community pubs in the North of England to funds managed by MxP Partners LLP and their associates for £50m. The carrying value of the company was c£37m, realising the profit on disposal of c£13m reported in the operational income in the Consolidated Income Statement. The majority of the profit on disposal is allocated to the with-profits fund.

On 31 October 2014, the group sold its estate agency franchise business, Xperience, to the well established lettings franchise business, Martin & Co. for £6m. The carrying value of the business was £1m, realising the profit on disposal of £5m reported in operational income in the Consolidated Income Statement.