The owners of major UK adviser platforms Transact and James Hay have tabled cash offers for competitor Nucleus.

Details of the offers have not been disclosed but because bids have been tabled the company has now officially put itself up for sale and is open to bids.

No deadline has been set for any bids.

Edinburgh-based Nucleus is one of the smaller adviser platforms.

In a statement to the Stock Exchange today Nucleus said: “The company notes the recent press speculation and confirms that it has received separate proposals from Integrafin Holdings plc (owner of Transact) and Epiris LLP in conjunction with its associate James Hay Partnership Management Limited regarding possible cash offers for the entire issued and to be issued ordinary share capital of Nucleus.

“The company is also in preliminary discussions with Aquiline Capital Partners LLC (Editor’s Note: a private equity firm) and Allfunds (UK) Limited (Editor’s Note: a fintech) regarding potential offers for the company.”

Nucleus says that discussions between itself and the bidders are continuing.

The news follows a decision by wealth manager Sanlam UK, which owns approximately 52% of Nucleus, to sell its stake.

Nucleus says that it will work “constructively” with Sanlam UK to ensure that the interests of all shareholders are properly considered but it adds that there is no certainty that any offer will be accepted.

The firm points out that the announcement falls under Rule 2.4 of the Code and does not constitute an announcement of a firm intention to make an offer under Rule 2.7 of the Code.

In a statement IntegraFin, owner of Transact, said: "As part of our strategic planning, we regularly consider potential acquisition opportunities. In the light of this, we are currently in the early stages of reviewing the strategic and financial merits of a possible acquisition of Nucleus. Any such offer, if made, is likely to be solely in cash although IntegraFin reserves the right to vary the form and/or mix of any consideration offered.

"We have a high hurdle for taking opportunities forward. Therefore, there can be no certainty that we will proceed with our discussions and make a formal offer to acquire Nucleus, nor as to the terms on which any offer might be made. A further announcement will be made as and when appropriate."