LV= buyout of Hornbuckle off

LV= will not buy Hornbuckle Mitchell, the SIPP provider confirmed.

The firm said it is still in talks with a number of potential partners about a possible investment into the firm, but confirmed no life offices were involved in negotiations.

Today Hornbuckle's managing director David White did not deny that LV= had been the main contender for a buyout deal in previous talks.

White said: "We are not in discussion with any life office regarding future investment into Hornbuckle Mitchell.

"We are exploring talks with a number of private equity companies who are keen to examine how their funding could help to help support our future growth ambitions.

"This would have the obvious advantage of allowing Hornbuckle Mitchell to strengthen our position as the leading independent SIPP specialist, fully focused on giving our advisers and clients the flexible solutions and quality service they have come to expect."

In October, Hornbuckle denied rumours its negotiations with LV= had hit problems and said it was in discussions with various potential trade and private equity investors.

A spokesperson for LV= said the provider will not comment on market rumours.