Merger talks between Smith & Williamson and Rathbones end with no deal

 
Helen Cahill
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Merger talks between Smith & Williamson and Rathbones have ended after the two sides were unable to reach an agreement.

Earlier this month, Rathbones confirmed it was in £2bn merger talks with Smith & Williamson.

However, Smith & Williamson said this evening that it will continue to grow various parts of its business instead in preparation for a stock market float.

Smith and Williamson said in a statement: "Following our growth and business development in recent years, the board had agreed to prepare the company for a potential stock market listing. While we were pursuing this course, we were approached by Rathbones.

"After careful consideration, we have been unable to reach agreement on terms which would be in the best interests of all our stakeholders."

It also emerged this month that wealth manager Tilney had made an offer for the financial services provider.

In the year to 30 April, Smith & Williamson's group operating income grew 9.9 per cent to £244.6m, up from £222.5m the year before.

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