James Hay parent company IFG and private equity firm Bregal Capital have terminated discussions over a proposed £205m takeover.
In May IFG announced that it was in talks with two firms over a possible acquisition. On August 31 the company signed an exclusivity agreement with Bregal.
However in a statement today IFG says: “In view of the current dislocation in global markets, both IFG and Bregal have agreed to discontinue discussions.
“Accordingly, the board can confirm that the company is not in talks with any party regarding a possible takeover.”