IN Partnership has ruled itself out of bidding for Burns-Anderson, saying it does not want to dilute its controlling shareholders’ positions.
The two businesses have been in discussions about a possible deal and IN Partnership admits it has also held talks with other firms but has decided against a merger.
Group executive chairman Stanley Lovell says: “At present, we are maintaining our independence and have no need to merge with anyone as we are very profitable and unlikely to enter into any transaction with anyone that dilutes the position of the controlling shareholders, which a merger would do.
“It is true that we have had talks with them on a range of issues and the future shape of the industry but that is also true in respect of other networks with whom we have had discussions over the last two years.”
Lovell says the network is growing organically in terms of profits and number of ARs.
It paid out its first dividend this year, which he says “speaks loud and clear as to our financial strength, a crucial factor when recruiting quality firms”.
IT manager David Burns has been promoted to associate director and head of IT for the On-Line Partnership Group, focusing on providing online management information for its strategic partners.