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Money Portal open to outright sale

Money Portal has confirmed it is open to an outright sale following a strategic review.

The firm says it is considering a capital restructure after being approached by potentially new and existing shareholders.

It has appointed Fenchurch Advisory Partners to review and evaluate investment proposals. The process is expected to take 10-12 weeks.

Group chief executive Mark Lund says: “We have received a number of unsolicited approaches from both an existing shareholder and potential new shareholders keen to invest money in Money Portal’s business. The board has therefore commenced a strategic review of its business and preliminary discussions with existing stakeholders that may lead to a capital restructuring.

“The board has chosen to get some specialist help from Fenchurch to evaluate what we should do with the proposals and what our response should be. We are flattered to receive these proposals which we believe underpin the potential of the advice sector.”

Fenchurch Advisory Partners managing director Richard Locke says: “We are at the early stages and are open minded about a range of possible outcomes.”

Group head of strategy and distribution Alan Easter added: “We have to act in the best interests of our shareholders so by definition that means we have to consider everything that the board believe would be of interest to our shareholders.”

The firm denied the move was influenced by former directors wanting to realise their shares in the company.

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