Specialist AIM-listed IFA Frenkel Topping has withdrawn its tender offer after it failed to find a suitable acquirer during its formal sales process.
The firm, which specialises in asset protection for vulnerable clients, said it had identified potential buyers, but its board believed the subsequent proposals did not "appropriately reflect the organic growth potential of the group". The firm is expected to report a £1.4m profit from revenues of £3.7m in 2016. Frenkel Topping launched its ‘strategic review' and formal sales process on 3 April, saying at the time it saw great a opporunity for the firm and its potential buyers. However, in a statement to the market published on Tuesday morning Frenkel Topping said: "The board has d...
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