Tilney Smith & Williamson has cooled speculation of an imminent bid for the company from NatWest.

Officially Tilney, due to rebrand as Evelyn Partners later in the summer, is saying “no comment” to the bid rumours reported by Sky News over the weekend.

But Financial Planning Today understands that Tilney sees the reports about a potential bid for Tilney as “pure speculation” after market rumours swirled last week following news of Royal Bank of Canada’s unexpected £1.6bn agreed bid for Tilney rival Brewin Dolphin.

According to Sky News, NatWest Group is contemplating an “audacious takeover bid” for Tilney Smith & Williamson.

Sky News believes NatWest is in the early stages of considering an offer for Tilney Smith & Williamson, which it claims is being put up for sale by its private equity backers. Sky News adds that a “substantial number of banks and financial investors were likely to explore bids for Tilney.”

Tilney is owned mostly by private equity firms Permira and Warburg Pincus and could fetch between £2.5bn and £3bn from a sale, according to Sky News.

NatWest has been asked for comment.

The British Government recently reduced its stake in NatWest to below 50%.