Cavendish Rejects Offer for M&A Arm Amidst Growth Strategy

Cavendish Financial, an investment bank, has confirmed that it received and subsequently rejected an offer for its private M&A and debt advisory business. The firm stated its focus remains on growing as a small and mid-cap investment bank with comprehensive services, rather than divesting parts of its operations. This announcement follows a report that Smith & Williamson, a PE-backed firm which was recently part of Evelyn Partners, made an approach for Cavendish. However, the investment bank affirmed that there have been no further discussions following the rejection. There was a notable increase in Cavendish's share price following this news.