The negotiations ended ‘amicably’, according to both parties, due to fluctuating stock prices and reluctance from shareholders on both sides to release cash into the deal.
Inter-Alliance is still looking for a consolidation partner, but BBB confirmed that it would be looking for acquisitions not mergers in the IFA market.
BBB, formed by the merger of Berkeley and Berry Birch & Noble in January 2002, has over 800 fully regulated IFAs.
The firm, which has a turnover of £65 million, also has plans to offer a range of mortgage support services to its three networks. The Berkeley Mortgages Services package includes compliance, a sourcing system, professional conveyancing and 24-hour tracking, alongside full training and general insurance services.
