Oriel and Panmure break off tie-up talks

 
Marion Dakers
STOCKBROKERS Oriel Securities and Panmure Gordon have decided not to pursue a merger after preliminary talks suggested the deal would not be beneficial enough.

Oriel said it is “very happy being an independent business with engaged and helpful shareholders, many of whom are senior employees”.

“We do get approaches from time to time and obviously we look at them fully as any board would,” the firm said in a statement yesterday, adding that it has enjoyed a strong start to the year.

Panmure Gordon declined to comment. The firm is believed to be making several employees redundant, including retail analyst Philip Dorgan.