Takeover plan terminated
1825 and Almary Green end acquisition talks
The Edinburgh company announced in March that it was acquiring Almary Green, giving it access to a further £400 million of assets under management.
Almary Green, headquartered in Norwich, has 44 employees, including 22 advisers and paraplanners.
Today the two announced that the deal is off. In a statement, they said: “It has not proved possible for both parties to reach agreement to complete the proposed acquisition. They have therefore mutually agreed to end discussions at this time.”
Carl Lamb, managing director Almary Green Investments 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, 1825 chief executive, 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 see huge opportunities.
“The acquisitions of Pearson Jones, Baigrie Davies and Munro Partnership are complete and Jones Sheridan continues to progress positively.”
Since announcing the 1825 deal Standard Life has completed two deals (Baigrie Davies and Munro Partnership) and has another progressing towards completion.
When complete it will have 63 financial planners advising more than 7,400 clients on about £3 billion of their assets.