An agreement has been reached on the terms of a recommended cash offer for Regit Bidco to acquire all of the issued and to be issued Ordinary Shares of Thesis.

David Tyerman, chief executive officer of Thesis, said: "Thesis has always been an ambitious business and grown quickly. We believe that the company now needs investment to build the proposition further still, and to allow it to compete with our largest competitors."

Bidco is a newly incorporated company created by the consortium for the purpose of making and implementing the acquisition.

The Thesis Group is a regional private client asset management business that provides investment management, financial advice or fund structuring for its clients, which had total funds under management within Thesis of £2.27 billion and funds under administration within Tutman Ltd and Tutman LLP (the authorised corporate director business) of £10.49 billion as at 30 October 2016.

Daniel Mytnik of Bidco said: "We have followed the development of Thesis for a long time and appreciate all that it has achieved to date. We see great potential in the business and believe that it will benefit greatly from the support of the strong funding partners that the acquisition will bring to Thesis."

Tony Edwards, chairman of Thesis said: "Since the establishment of Thesis under the law firm Thomas Eggar & Sons in 1974, the business has grown significantly and I am proud of what the business has achieved during this period.

“Notwithstanding this, the business faces a number of challenges which will require investment in the platform and operations, coupled with developments in the broader competitive landscape that are also acting as headwinds. Under new ownership, we believe that Thesis will be better placed to invest and thereby enhance its proposition for its clients, both in its private wealth and its authorised corporate director businesses.”

Vincent Smith of Bidco said: "We are delighted to be announcing the acquisition today. We have been impressed by the strong proposition that Thesis has built, underpinned by excellent fund performance and a loyal client base and we very much look forward to working with the management team following completion of the acquisition.”