Moneygate confirms interest in Clarkson Hill

National financial services firm Moneygate has tonight confirmed it was in talks with ailing Wisbech based Clarkson Hill Group - but that it was now reviewing its position.

Moneygate said it has been conducting due diligence on Clarkson Hill for three months, with a view to making an offer for its ordinary shares.

It said Moneygate's directors were aware of Clarkson Hill's December 6 announcement that regulatory permissions had been varied and as a result it was unable to undertake any regulated activities from 5pm on December 3.

As a result Moneygate was now reviewing its position. Attempts to talk with Clarkson Hill's directors over the past two weeks had been made but 'they have yet to re-engage in constructive discussions', said Moneygate.

In a statement Moneygate added: 'The directors of Moneygate have a great deal of sympathy for advisers, staff and clients of Clarkson Hill who they believe will be keen to know what the immediate future holds for them.

'Moneygate's management are receiving many calls and emails from Clarkson Hill advisers seeking information. 'Unfortunately, Moneygate is not currently in a position to answer these queries other than to confirm that it has made an application to the FSA for consent to take a bulk transfer of Clarkson Hill's advisers. Any further updates will be provided as appropriate.'