Cenkos mulling bid for Panmure

BROKER Panmure Gordon could be sold to rival Cenkos Securities as the sector’s weak performance prompts another round of consolidation.

Directors at Panmure have spoken to their counterparts at Cenkos and are also believed to have held discussions with another suitor. Sources said “it is right that board members talk” to other firms given the “difficult” market but cautioned that any deal remains a “long, long way off”.

A drop in commissions and the flotations drought has led to a wave of deals among stockbrokers. Last year Investec bank bought Evolution and Canaccord agreed to purchase Collins Stewart Hawkpoint.

Panmure – where David Cameron’s late father worked – and Cenkos declined to comment.