True Potential  

True Potential considers takeover offers

True Potential considers takeover offers
Daniel Harrison, chief executive of True Potential

True Potential's chief executive has confirmed it is considering offers to buy the company, but has said it has not put itself up for sale.

It comes after several rumours that the company was in discussions with several buyers - including a company set up by the world's third-richest man.

True Potential's chief executive Daniel Harrison said: "We are one-of-a-kind in terms of our growth curve. Doing what we have done for 14 years, which is concerted steep growth.

"That attracts a lot of attention. It is rare that a week goes by where we don’t get approached.

"We ignore them for a year or two because we are trying to crack on and grow the company. But it would be remiss of us not to every so often lift up our heads.

"We have got nearly 300 financial advisers who are shareholders in us. We have got just over 100 members of staff who are shareholders. It is part of our duty to look at what is coming in at times."

But he said True Potential had not actively attempted to put itself on the market.

True Potential has been subject to several takeover rumours over the past few years. The most recent one, which emerged earlier this summer, was a takeover by a company set up by Bernard Arnault, the chief executive of luxury goods company LVMH and the world's third-richest man.

Harrison said: "It almost sounds flippant but I would love to double the size of True Potential in the next couple of years. If we were to partner with anyone, it would have to help support that goal."

He added that True Potential is open to different options, such as a deal with a private equity firm or a deal involving floating on the stock market.

Harrison said: "All options are always open. It would be the wrong thing to not consider the offers."

Until 2019 True Potential was owned by American private equity firm FTV Capital but the company bought itself back - though FTV retains a minority stake in the company.