According to a statement from 1825: “Further to the announcement made on 15 March 2016, 1825 and Almary Green confirm 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.”
The acquisition was expected to close in the first half of 2016. However, completion was pushed back, with Almary Green’s website stating that the acquisition was due to be completed by the autumn.
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.”
Adviser departure
A number of the firm’s advisers, staff members, and para-planners left the business in the period running up to, and the six months since, the acquisition announcement.
Lamb reportedly said last week that the decisions by six advisers to leave the business was linked to the shift from independent to restricted financial advice.
