Harwood drops Frenkel Topping takeover bid
Approached in January
Fund manager Harwood Capital has dropped its bid to take over IFA Frenkel Topping.
A stock exchange announcement confirmed there had been discussions over the deal but it was no longer going to take place.
The Salford-based adviser firm said it had made a robust start to the new financial year with January being a record month for new business wins since 2010.
Frenkel Topping chief executive Richard Fraser said: "We have made significant progress in the last two years and delivered excellent results; with AUM at a record high and a healthy pipeline of new business wins, we are strongly positioned to continue delivering further growth and value for our shareholders.
"The board has a fiduciary duty to look at any serious interests in the business and it is a testament to the company and its achievements that we received this interest."
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