Personal Touch Financial Services has confirmed that its board rejected a takeover bid for the network and hinted that the rejected bidder was Countrywide.
Chief executive Doug Crawford revealed the news at the network’s annual awards ceremony last week. He did not confirm who the bidder was but Crawford hinted that it might be estate agency Countrywide by alluding to “a countrywide” company in his announcement.
Sales and marketing director Dev Malle says: “What Doug said was based on the sentiment that we are strong and getting stron-ger. There was someone interested in us and the board rejec-ted the offer.”
When asked to comment on rumours that the bid came from Countrywide, Malle said: “It is purely market speculation.”
Malle says PTFS is still looking at developing its own acquisition strategy, specifically aimed at IFA firms. He says: “We have constantly got our ear to the ground to see what is going on.”
A Countrywide spokeswoman refused to comment on whether the firm made a bid for PTFS.