Standard Life-owned 1825 has ended discussions with Almary Green over the proposed acquisition announced in March.
A statement from Standard Life says it “has not proved possible” for the firms to reach agreement and they have “mutually agreed” to end discussions.
Almary Green Investments managing director Carl Lamb says: “In the interests of certainty for our clients and staff we have agreed with 1825 to end discussions at this time. We remain focused on delivering a high quality service to our clients.”
1825 chief executive Steve Murray adds: “We wish Almary Green all the best and continued success. 1825 continues to focus on building a UK-wide financial planning business and we see huge opportunities. The acquisitions of Pearson Jones, Baigrie Davies and Munro Partnership are complete and Jones Sheridan continues to progress positively.”
Speaking to Money Marketing last week, prior to the announcement the discussions had ended, Lamb said the deal was being finalised.
Asked if he was confident the deal would still go through, Lamb said: “I’m confident we are still talking, that is the main thing.”
Lamb also confirmed six advisers had left the business after the March announcement. The advisers that left were: James Harrison, Roy Durrant, Kevin Squires, Fiona Sharp, Stephanie Clarke and Alison Rudd, who continues to work her notice period.
Almary Green has hired new advisers: Phil Beck and Stephen Biggs.
Three paraplanners have also left the business but have since been replace, Lamb said.
He explained: “There is always the risk [that will advisers will leave after an acquisition] because people are free to make up their minds and exercise that choice. In any form of business plan and even without the acquisition of 1825 you have to factor in a certain amount of turnover.”