Shares in Curtis Banks fell back 13p (3.9%)to 319.5p following Friday’s 26% surge after Scottish wrap platform Nucleus Financial confirmed it is in “advanced discussions” over a possible cash offer for the self-invested personal pension (Sipp) provider.

Edinburgh-based Nucleus said in a London Stock Exchange announcement on Friday that it is “currently conducting detailed confirmatory due diligence and a further announcement will be made as and when appropriate”.

The two firms admitted that there is “no certainty” that any firm offer will be made, nor as to the terms of any such offer.

Bristol-headquartered Curtis Banks has more than £37.4bn of assets under administration. It also has offices in Bristol, Dundee, and Ipswich.

James Hay last year bought Nucleus to create an enlarged financial services group but in March 2022, New York-headquartered HPS Investment Partners (HPS) became a majority shareholder in Nucleus, while its previous majority shareholder, Epiris, retained a significant minority stake.