The sale of IFA Saunderson House has been abandoned by parent company IFG Group, parent company of SIPPs firm James Hay.
In February IFG Group revealed it had received several offers for the company and that it was mulling over whether selling the business would give shareholders better value.
However, in a statement this morning, IFG said a sale could hit shareholders and said IFG Group continuing to own Saunderson House would be in their best interests.
The statement read: “As a result, the board has concluded that it is not in the best interests of shareholders of IFG to proceed with the sale process.”
IFG Group, which also owns James Hay, said it was now focused on developing the Saunderson House business and set aside a £1.5m retention incentive in 2018 and 2019 for employees.
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James Hay parent company abandons sale
