The firm says the bidder is not a competing IFA firm, or a product provider.
In April, Money Portal appointed Fenchurch Advisory Partners to conduct a strategic review and evaluate investment proposals. Money Portal said an outright sale of the business was a possibility.
In October, Money Portal estimated that it had approximately 1,800 advisers across its brands including Bates, Burns Anderson, Sage and Willis Owen.
Money Portal chairman Mark Tennant says: “Normally we would wait until the process we have embarked on is completed before making any further announcements but given the degree of speculation I would like to announce that on Monday evening the board agreed to enter into a period of exclusive discussions with a preferred bidder that is neither a competitor firm nor product provider. It is a well capitalised entity which will enable the businesses to flourish.”
“The board believes this to be a very positive development for the business and I look forward to being able to tell you more in the near future. Until then I hope you will understand that we can make no further comment.”