LV= among four in Hornbuckle Mitchell talks
LV= is in takeover talks with Hornbuckle Mitchell.
Money Marketing understands LV= is one of four firms in final-stage discussions with Sipp and SSAS specialist Hornbuckle. Negotiations are expected to be concluded in four to six weeks.
Hornbuckle managing director David White says: “A number of parties have put interesting offers on the table but the board is quite a long way off making a final decision. We have narrowed it down to four parties, although I cannot confirm who those parties are at this stage.”
In June, Money Marketing revealed Hornbuckle was searching for a strategic partner to inject capital amid concerns that increased FSA solvency requirements could stall growth plans.
Investor Profile director Jaskarn Pawar says: “There are a lot of Sipp providers and I do not see how they can all compete. It is a big area in assets but those assets tend to be in a small number of accounts. LV= offers good products and efficient service and a Sipp provider could benefit from its marketing capabilities.”
LV= refused to comment.