Nucleus also confirmed today that it was in talks with Curtis Banks about a potential cash offer for the company but declined to comment further. 

Curtis Banks said today it had received an approach from the platform firm but added in a statement: “There can be no certainty that an offer will be made, nor as to the terms of any such offer. Accordingly, shareholders are advised to take no action at this time. A further announcement will be made as appropriate.”

In line with the code on takeover and mergers, Nucleus must either announce a firm intention to make an offer by 5pm on 23 December or announce that it does not intend to make an offer.

This deadline can only be extended with the consent of the Takeover Panel.

Due to the announcement an offer period is now in effect.

Following the news, Curtis Banks share price today was up over 24% to 330p suggesting a market cap of £176m.

Curtis Banks, one of the UK’s leading SIPP providers, has grown strongly in recent years through organic growth and by acquisition.

However, in March it reported only a modest 4.7% rise in pre-tax profits to £14m as SIPP numbers fell year on year by 2,544. The number of SIPPs run or administered by the firm fell from 82,224 in 2020 to 79,679 in 2021 despite the firm making two acquisitions in 2020.

The firm blamed a higher attrition rate and the impact of Covid-19 for the fall and said it expected recovery.

In 2021 Curtis Banks acquired rivals Dunstan Thomas and Talbot and Muir.

Curtis Banks also suffered a setback in August, when its CEO Will Self left the company with immediate effect.

His role was taken temporarily by director David Barral who was appointed executive chairman, a role he still holds, until a successor was found. No announcement about a new CEO has yet been made.

Nucleus has itself been acquired twice in the past year. Private equity investment firm HPS Investment Partners purchased a majority stake in the adviser platform in March for an undisclosed sum.

The move came just over a year after Nucleus was sold to Epiris-owned rival platform James Hay for £145m in an all-cash deal. Private-equity firm Epris retained a significant minority stake in Nucleus after the sale.

A number of private equity and investment firms were reported to be interested in taking a stake in Nucleus, including Goldman Sachs.

• This is a developing story, please check back for updates.