IFA group Kingsbridge Holdings is in talks to sell its two remaining IFA subsidiaries, Benson McGarvey and Kingsbridge Advisers.
Nottingham-based Benson McGarvey managing director Peter McGarvey is pursuing an MBO, which has six RIs. McGarvey has resigned as a Kingsbridge director.
Kingsbridge Holdings says it is in talks that may lead to the sale of the other subsidiary, Kingsbridge Advisers, a Scottish firm with three RIs.
Kingsbridge Holdings says it is also in discussions with a company that it could possibly acquire but will not comment on whether it is another IFA.
In a stockmarket announcement, it says: “Should the discussions relating to Benson McGarvey and Kingsbridge Advisers lead to the sales of these two companies, Kingsbridge would become a quoted shell. However, the company is in discussions with an interested party which may lead to an acquisition, which is likely to be classified as a reverse takeover so that shareholders may obtain some future benefit.”