Hornbuckle Mitchell is in final stage talks with three potential investors and has not ruled out a sale of the business.
In June last year, Money Marketing revealed the Sipp and SSAS provider was searching for a “strategic partner” to inject capital in the business due to concern that increased FSA capital requirements could stall the company’s growth plans.
In August, Hornbuckle entered negotiations with LV= over a proposed takeover. However, the talks were abandoned in October and Hornbuckle cancelled its search for investment in order to focus on revamping its back-office systems. The provider returned to the market in February and has narrowed its search to three potential investment partners.
Chief executive David White says the stake on offer is subject to negotiations and he does not rule out a sale.
He says: “We have been having discussions with three separate investors and expect to make a final decision in the next month or so.
“We are speaking to small specialist players that would provide complementary products to the ones we already offer.
“We are not talking to major trade players. This is about bringing a company in that will partner Hornbuckle Mitchell and take us forward.”