Moneygate chief executive Lee Hartley says a deal for network Alpha to Omega is unlikely as a number of other firms are now believed to be interested in the business.
Moneygate tabled a third offer for the business last week but says that it has heard nothing back on the deal as Money Marketing went to press.
Last week, administrators Benedict Mackenzie said that a deal was imminent.
Hartley’s firm placed an initial bid, which was accepted, but then revised it downwards. A third and final offer remains on the table for A2O, which was placed into administration late last month. He says Moneygate is in talks with between 10 and 20 advisers from A20 over moving to the network.
Hartley says: “We submitted an offer for the business which was initially accepted, only to revise that offer significantly downwards. That offer has since been rejected and we have put in a third and final offer which remains on the table but it remains unlikely we are going to do any business with A2O.”
A takeover bid from the appointed representatives of A2O co-ordinated by Regulatory Legal is also understood to have been rejected by the administrator.