Home of Choice is in acquisition talks as it looks to secure its future.
Money Marketing understands that former Openwork chief executive Keith Carby is the front-runner to buy the network.
It is understood that Personal Touch Financial Services has been in talks but has now ruled out a bid. Openwork is also understood to have ruled out a bid.
Accountancy firm Baker Tilly is believed to be acting for HoC in negotiations. The last published accounts for the network for the year ended March 31, 2009 show it had over £4.6m in bank loans falling due within two and five years.
HoC chief executive Gerry O’Brien says the firm is in final negotiations to be acquired. He says this required a change of control notification to the FSA, which was approved last week.
In a statement on Tuesday, HoC sought to reassure ARs and staff over payments that were missed last Friday, saying the change of control had resulted in the firm being unable to process its BACS payment files in the usual way.
Baker Tilly was unavailable for comment. Both Keith Carby and PTFS declined to comment. Home of Choice would not comment on specific bidders and there was no further update on the acquisition talks at the time of going to press.