The firm had been given approval from the US financial watchdog FINRA to complete the deal.

UK-based European Wealth Group has pulled out of the deal to acquire US broker dealer Newbridge and Newbridge Financial Services.

This publication reported in October 2017 that EWG had agreed to acquire Newbridge.  It was given approval by US financial regulator FINRA in May, EWG said in a statement on the London Stock Exchange.

As a result of FINRA’s approval in May, EWG began the final stages of commercial due diligence on Newbridge to assess whether the remaining non-regulatory closing conditions could be fulfilled to the board of EWG's satisfaction.

EWG and Newbridge have not been able to come to an agreement on these conditions and have mutually decided not to proceed with the proposed acquisition, and Newbridge has informed FINRA that the transaction has been officially terminated. 

"While we have decided not to proceed with the acquisition of Newbridge, we remain committed to our strategy and are ambitious to grow both organically and dynamically by acquisition in the US and Europe,” said Marianne Ismail, chief executive of EWG. "Since my appointment in September, we have conducted an extensive strategic review of the operating businesses and put in place a significant number of positive measures to position the group for growth, to markedly reduce operating costs and to grow assets under management and recurring fee income. As a result of the recent fundraising, the group is debt free and well positioned to take advantage of the long-term growth opportunities present in the global wealth management and financial planning market."

In May, this publication interviewed Ismail about the Newbridge acquisition and the firm’s planned rebranding changes in order to become Kingswood. 

The firm will still undergo its rebranding in spite of the failed deal.