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HST abandons flotation to seek alternative financing

HST Financial, comprising a national IFA firm and network, is seeking funding from product providers, other UK companies or overseas investors in a bid to survive in the long term.

The financial distribution company, made up of the Sage FS network, the Host Partnership national IFA firm and non-regulated sales support service Host Protection, has cancelled its Aim flotation planned for later this month in light of economic uncertainty following the US terrorist attacks.

HST Financial chief executive Philip Lockyer says he hopes to present alternatives to the board at the end of the month. One option being discussed is a reverse takeover of a shell company, not necessarily in the financial services sector, which has money to invest.

It is also talking to product providers which are considering stakes in financial distribution companies. The third route is targeting investors in Europe, Australia and South Africa wanting to enter or build on their presence in the UK market.

Lockyer says: “We are not alone as our financial PR consultancy has had several flotations postponed.”

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