Adviser network Socium Group has withdrawn its acquisition offer for financial advice firm Beaufort Group.

The deal, announced in September, was expected to bring £1.3bn in assets under management to Socium. The deal remained subject to final shareholder and regulatory approvals.

In a letter sent to shareholders Beaufort said that Socium had decided to withdraw its offer due to not being able to fit the business into its model. The letter added that it will look for another funding partner.

Private equity-backed Socium is headed by Mary-Anne McIntyre, the former CEO of IFA network Openwork.

The adviser network was launched in 2019 and is looking to take a majority stake in financial advice businesses from across the UK. It plans to build 15 to 20 regional hubs with £160m in backing from Penta Capital.

Beaufort recently announced that its chief operating officer Clive Goldthorpe is to step back from the business. Chartered Financial Planner Jade Connolly has been appointed as the new COO.