FSA blocks Astaire’s £3.6m Hoodless Brennan move

The £3.6 million takeover of stockbroker Hoodless Brennan by rival Astaire has been blocked by the Financial Services Authority.

Astaire issued an extraordinary statement today stating "there is no prospect whatsoever of obtaining controller consent from the FSA".

Astaire put the bid on hold and suspended its shares last month after it emerged there was a £1.4 million hole in the accounts of its subsidiary Rowan Dartington.

Despite this holders of 99.85% of Hoodless shares accepted the cash bid and will have their acceptance forms returned.

Plans to move both businesses into Hoodless' Finsbury Circus offices are being unscrambled.

Astaire shares will be suspended until the accounts issue is resolved.