LV= has abandoned plans to buy Sipp and Ssas provider Hornbuckle Mitchell.
Money Marketing understands the proposed deal fell through after LV= raised concerns about investments Hornbuckle has been linked to.
Some of Hornbuckle’s shareholders were also understood to be worried about the impact a deal with a larger provider would have on the business.
Hornbuckle is now in talks with several private equity companies over an alternative funding deal.
Hornbuckle Mitchell managing director David White says: “We can confirm we are not in discussion with any life office regarding future investment into Hornbuckle Mitchell. We are exploring talks with a number of private equity companies who are keen to examine how their funding could help support our future growth ambitions.
“This would have the obvious advantage of allowing Hornbuckle Mitchell to strengthen our position as the leading independent Sipp specialist, fully focused on giving our advisers and clients the flexible solutions and quality service they have come to expect.”
LV= declined to comment.