The management of Saunderson House “actively considered” selling the business in 2018, its accounts for the year show, following a number of “unsolicited approaches”.
This process led to an element of “distraction”, the wealth manager said, which affected its bottom line for the year.
“Having reviewed the offers in detail, it was concluded that they were not wholly aligned with the strategy of the company and would present significant execution risk,” the firm’s 2018 strategic report said.
The aborted sale led to £3 million worth of “retention payments” to staff and senior management, li...