The sale of British financial advisory firm Saunderson House has been abandoned by its parent IFG Group.
The advisory business was put up for sale by IFG in February this year. IFG also indicated at the time that a transaction will occur only if appropriate value for shareholders is reached.
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IFG has now confirmed that it received several non-binding offers for the business, which reaffirmed the business’ strength and its long-term growth prospects.
However, IFG now believes that a sale of Saunderson would pose risks and plans to rather focus on the development of the advisory firm.
“However, having reviewed the offers in detail, including with the Board of Saunderson House, the board has concluded that the offers were not wholly aligned with the strategy of Saunderson House and would present significant execution risks that would likely create lower shareholder value than from retaining the Business. As a result, the board has concluded that it is not in the best interests of shareholders of IFG to proceed with the sale process,” IFG said in a statement.
In addition, IFG also plans to implement short and long-term retention arrangements for Saunderson’s senior management and staff.
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By GlobalData
