Newcastle-based consolidator Moneygate has refused to deny that its takeover bid for Clarkson Hill has been destabilised by the suspension of the IFA’s shares last week.
Cambridgeshire-based Clarkson Hill received a takeover offer in October, which New Model Adviser® understands was from Moneygate, although it would not confirm the bid.
Clarkson Hill shares were suspended for a second time on 24 November due to regulatory concerns. The shares were first suspended in July when it failed to file its accounts on time.
A source close to the situation said Moneygate had been in talks with Clarkson Hill.
‘[The takeover target] is definitely Clarkson Hill. Moneygate was planning to have [the deal] done by the end of the year,’ he said.
‘Clarkson Hill has had some regulatory questions marks and to do the takeover [Moneygate] would have to get Financial Services Authority (FSA) clearance.’
Moneygate is 49% owed by US investment group MGT Capital Investments which lent the group £2 million to fund acquisitions.
Mike Robinson (pictured) declined to comment.