Nucleus Financial Platforms, the Edinburgh wrap platform, has completed its due diligence on Curtis Banks, the self-invested personal pension (Sipp) provider and the parties are close to agreeing a takeover, according to a statement issued by Curtis.

Shares in Curtis Banks surged 26% on 25 November after it was confirmed that “advanced discussions” had taken place regarding a possible cash offer for the company.

Nucleus must now declare its intentions by 5pm on 9 January in accordance with Takeover Panel rules.

There can be no certainty that any firm offer will be made for Curtis Banks. A further announcement will be made as appropriate.

Bristol-headquartered Curtis Banks has been quoted on the AIM since 2015 and is one of the largest Sipp providers in the UK with more than £37.4bn of assets under administration. It also has offices in Bristol, Dundee, and Ipswich.

James Hay last year bought Nucleus, co-founded by now-departed David Ferguson, to create an enlarged financial services group.

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.