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Prestbury shares surge as it reveals sale talks

The share price of IFA network Prestbury more than doubled last week as the firm announced that it is in sale talks with a major company.

Prestbury told the Stock Exchange last week that it was considering putting itself up for sale as part of a strategic review.

Last week, the share price climbed to 30p from around 12p before falling back again. At the time of going to press, the share price stood at 23p.

In June, the firm was forced to issue a second profit warning and raised £500,000 to bolster its balance sheet.

Prestbury was set up in January 1994 as Prestbury Financial Services.

It floated on Aim in August 2002 and runs Loans UK, MoneyBrain and Solution Network.

Chief executive Lee Birkett says negotiations for a sale are at an early stage.

He says: “As far as I am concerned, we are the only listed IFA out there without any baggage hanging over us. We have a clean slate and that must make us attractive. As everyone knows, consolidation in the marketplace is rife and everyone is looking at their distribution options.”

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