Hichens, Harrison & Co’s acquisition of Astaire & Partners has fallen through at the last moment, according to sources close to Hitchens. ...

Hichens, Harrison & Co’s acquisition of Astaire & Partners has fallen through at the last moment, according to sources close to Hitchens. No reason has been given for the failure to complete the acquisition, which had progressed so far that the two London-based private client stockbrokers had actually held a joint Christmas Party, say sources. Earlier reports said that Hichens had apparently paid £5 million ($8.7 million) for Astaire, which was originally owned by Credit Lyonnais, but was bought-out by management, led by its chairman Steven Astaire, in 1990. Hichens was itself subject to a partial buy-out last year, when management bought a 30 per cent stake in London’s oldest stockbroker. Seventy per cent of the firm is still owned by South African firm Sanlam, which took over the company from the old partnership in 2002.