The PraxisIFM Group has announced that negotiations to combine with Oak Group have closed.
The end of merger negotiations, first announced in August, will enable both companies to continue to focus on performance improvement and integration issues within their own businesses.
PraxisIFM’s senior management team, led by CEO Robert Fearis, is overseeing the performance improvement process. In a trading statement in October, it announced that financial performance had improved significantly during the first quarter of the 2020/21 current financial year.
Oak is also going through a process of change, as it integrates the businesses it has acquired recently.
In an announcement to The International Stock Exchange on 15 December, PraxisIFM Group said the decision to close negotiations had been taken after extensive talks.
Fearis said: "Both PraxisIFM and Oak have concluded that now is not the right time to combine the businesses, so negotiations have closed. Both companies recognise the significant benefits of a potential combination and are committed to reopening discussions in the future."
He said the firm's interim results for the half year to 31 October 2020, due to be released in late January 2021, would show continued performance improvements and that the results would be in line with budget.
Pictured: Oak Group CEO Stuart Platt-Ransom (left) and PraxisIFM CEO Robert Fearis