Standard Life’s 1825 cuts out of Almary Green deal

Edinburgh-based Standard Life issued a joint statement with Almary Green on developments explaining that it “has not proved possible” for the firms to reach agreement.

The statement said the decision to cut off discussions was “mutually agreed”.

Carl Lamb, Almary Green Investments managing director, who recently said the deal was being finalised, yesterday said: “In the interests of certainty for our clients and staff we have agreed with 1825 to end discussions at this time. We remain focused on delivering a high quality service to our clients.”

Asked whether a deal could still go through in future, Mr Lamb said: “I’m confident we are still talking, that is the main thing.”

There had been speculation that the deal broke down because four Almary Green advisers have resigned from the firm and another two are currently serving their notice since discussions with Standard Life started.

Lamb confirmed six advisers had left the business after the March announcement.

The advisers that left were: James Harrison, Roy Durrant, Kevin Squires, Fiona Sharp, Stephanie Clarke and Alison Rudd, who continues to work her notice period.

Almary Green has since hired new advisers: Phil Beck and Stephen Biggs.

Three paraplanners have also left the business but have since been replaced, Lamb said.

He explained: “There is always the risk because people are free to make up their minds and exercise that choice. In any form of business plan and even without the acquisition of 1825 you have to factor in a certain amount of turnover.”

A spokesman for Standard Life said the comings and goings had not influenced the decision not to proceed.

Founded in Edinburgh in February last year, 1825 has expanded to include offices in Ayr, Glasgow, Hamilton, Leeds, Sheffield, Bishop Auckland and Reading, with much of its growth coming about through acquisition.

1825 chief executive Steve Murray said: “We wish Almary Green all the best and continued success. 1825 continues to focus on building a UK-wide financial planning business and we see huge opportunities. The acquisitions of Pearson Jones, Baigrie Davies and Munro Partnership are complete and Jones Sheridan continues to progress positively.”