L Securities has held tentative merger talks with executives at Panmure Gordon, in the latest consolidation move in the London stock broking industry.
Bosses at Oriel – which counts Debenhams, Ophir Energy and Sports Direct among its clients – are believed to have spoken to Panmure after the larger firm expressed an interest in a tie-up.
If a deal is agreed, Oriel would be the latest in a long line of stockbrokers to merge or break up in the trading trough that has followed the financial crisis.
RBS last year sold Hoare Govett to Jefferies, while Seymour Pierce’s brokerage was bought out of administration by Cantor in February. Oriel and Panmure declined to comment on the talks, first reported by Sky News.