Almary Green announces 1825 acquisition deal is off
- Credit: Archant
A Norwich-based firm of financial advisers has announced that takeover talks with Standard Life-owned 1825 have broken down.
Almary Green Investments said it had 'not proved possible for both parties to reach agreement to complete the proposed acquisition' and that they had 'mutually agreed to end discussions at this time'.
The deal was first announced in March and was due to be completed earlier in the year.
Carl Lamb, managing director of Almary Green, said: 'In the interests of certainty for our clients and staff we have agreed with 1825 to end discussions at this time. We remain focused on delivering a high quality service to our clients.'
Steve Murray, chief executive of 1825, said: 'We wish Almary Green all the best and continued success. 1825 continues to focus on building a UK-wide financial planning business and we still see huge opportunities. The acquisitions of Pearson Jones, Baigrie Davies and Munro Partnership are complete and Jones Sheridan continues to progress positively.'
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Almary Green was set up in 2001 by Mr Lamb, who said the firm would continue in its current format as a privately owned company.
In a statement, the company said it would look to grow further in the region, potentially through buying other firms, but Mr Lamb did not rule out a future merger or acquisition of Almary Green.
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He added: 'I have an excellent team in place who have worked hard to make us successful. I owe it to them and to our loyal clients to make sure that we can continue to provide high quality advice services for many years to come.'
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