Hargreaves Lansdown extends deadline for a potential £5.4 billion takeover

A consortium led by CVC made a £5.4bn offer to buy the company last month, which the board said it is ready to recommend to its shareholders.

The group of bidders is led by buyout giant CVC, alongside Nordic Capital, and Platinum Ivy, a wholly-owned subsidiary of the Abu Dhabi Investment Authority.

It added: “There can be no certainty that a firm offer will be made for Hargreaves Lansdown nor as to the terms on which any such firm offer might be made. A further announcement will be made as and when appropriate.”

It comes as Hargreaves Lansdown recorded a record high of £155.3bn in assets under administration last quarter, after a jump in new customers before the end of the tax year in April.

The Bristol-based investment group brought in £1.5bn net new business in the three months to June 30, with net new clients rising 85 per cent year-on-year to 24,000 new sign ups.

London-listed Hargreaves Lansdown said client retention was at 91.1 per cent, slightly down on last year, while asset retention also nudged down just over two percentage points to 87.7 per cent for the quarter.