British financial advisory firm Saunderson House has been put up for sale by its parent IFG Group.

Saunderson House’s client assets totalled £5.1bn at the end of 2017 compared to £4.6bn last year. The advisory business also added 247 new clients in 2017 versus 215 in the previous year, owing to growth in its new discretionary management offering.

IFG has already received offers from potential buyers and started preliminary talks with them.

However, it said that a deal can be materialised only if appropriate value for shareholders is achieved.

“Saunderson House continues to perform strongly, winning clients and growing assets under advice, and is uniquely positioned in its core markets. The Board, in consultation with its advisers, has however concluded that greater value for shareholders may be created by a sale of Saunderson House,” IFG said in a market update.

In addition, IFG said that its retirement wealth planning platform James Hay could be facing a fine of around £20m over the biofuel investment Elysian Fuel.