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."
'Number of issues' found
Following recent acquisitions
The sale of Quilter's life assurance business to ReAssure has been confirmed.
Criticism of FCA register post SMCR
For the first time in a quite a while we have a certain degree of political certainty, writes Jack Rose. And, with that clarity, perhaps a clearer picture of the road ahead…
Added to Asia and luxury spending holdings in UK and global equity funds
It's The Pro Adviser Podcast
While tax planning is relatively easy where investments are held in an individual’s own name, on Valentine's Day Neil MacGillivray says great care is needed when it comes to jointly held investments between spouses...