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Astaire dismisses idea of Daniel Stewart purchase

ASTAIRE, the stockbroking group owned by Edward Vandyk, has poured cold water on the idea of buying out rival Daniel Stewart, City sources say.<br /><br />The group, which changed its name from Blue Oar to Astaire after Vandyk took control earlier this year, has already snapped up broker Dowgate Capital and adviser Ruegg &amp; Co as part of an acquisition spree. <br /><br />But Vandyk is understood to have dismissed a purchase of Daniel Stewart out of hand as he concentrates on completing and integrating these previous deals.<br /><br />Astaire said yesterday it has received acceptances from 89.3 per cent of Dowgate shareholders for its offer, which was declared unconditional on 20 July. Vandyk&rsquo;s other vehicle Evolve Capital also signed a preliminary deal last month with Plus broker Whim Gully Capital, conditional upon the latter&rsquo;s own acquisition of St Helen&rsquo;s Capital.