Chartered Financial Planning firm Saunderson House, which advises on £5.1bn of clients' assets, is up for sale, its owners revealed this morning.

Discussions are already underway with interested potential buyers.

A Stock Exchange announcement today said there have been a number of approaches for the firm, owned by IFG Group, which is also parent company to Sipp provider James Hay.

Saunderson House, which holds the Personal Finance Society’s Corporate Chartered Financial Planners status, says it provides a comprehensive Financial Planning and investment management service to high net-worth individuals, charities and trusts.

The company “continues to perform strongly” and added 247 new clients compared to 2015 in 2016, driven by the faster than anticipated growth in its new discretionary management offering, according to today’s report.

But despite this and being “uniquely positioned in its core markets”, according to IFG, bosses have decided to consider a sale.

The report stated: “The board, in consultation with its advisers, has however concluded that greater value for shareholders may be created by a sale of Saunderson House.

“In this regard, we have received a number of approaches. Discussions are at a preliminary stage.

“The group will consider a sale if appropriate value for shareholders can be achieved. There can, however, be no certainty that a transaction will complete.”

The firm said its ten-strong Investment Research team are all CFA members or Charterholders, members of the Chartered Institute for Securities & Investment or are studying towards their CFA Program and CISI Diploma exams.

Meanwhile, IFG also announced this morning that James Hay, could be facing a tax penalty of £20 million over the biofuel investment Elysian Fuel.

The report stated: “Based on advice from the group's legal advisers, the directors are confident that the outcome at Tribunal and/or any settlement with HMRC would be substantially lower than the maximum potential sanction charge, and would be fundable from the company's cash resources. The potential exposure remains uncertain and is expected to remain so whilst discussions with HMRC and/or any Tribunal proceedings continue.”