MJ Hudson, a UK consulting services provider to asset managers, has announced the sale of its data and analytics, and business outsourcing units to financial services

provider Apex Group for £40m ($49.70m). The move comes after the company suspended its CFO, Peter Connell, in December, and its CEO, Matthew Hudson, resigned following auditor EY's departure over 'lost trust' in February. The company's audit issues have caused it to delay publishing its 2022 annual report and accounts, and its interim results. MJ Hudson has said that it plans to seek shareholder approval for the deal on May 3, adding that it would not have sufficient funds to continue operations if the deal failed. The majority of the consideration from the sale will be used to repay debt owed to its senior lender, Santander UK, but MJ Hudson has said that there is unlikely to be any money left for shareholders after paying all creditors and costs.

The acquisition will add around €80bn ($87bn) of assets under management to Apex Group's existing European management company offering, as MJ Hudson's management company services in Ireland and Luxembourg will also be acquired by Apex. MJ Hudson has also announced its intention to give notice to the UK's Solicitors Regulation Authority for the proposed closure of its legal business, but said that it had not yet made any long-term decisions about the company's future.

MJ Hudson's shares have been suspended from trading since December. The company has also announced that it is seeking shareholders' approval to cancel the admission of its ordinary shares in a London Stock Exchange sub-market and has notified the exchange of the proposed cancellation. Photo by Sianfolley, Wikimedia commons.