The company said the management team and its advisers had been successful in securing finance for an offer, reflecting the attractiveness of the company to lenders.

But the terms of the finance particularly in respect of junior leverage have not proved to be sufficiently attractive to allow the management to put forward a proposal at a price which the board currently believes to be compelling for shareholders.

Executive chairman Farouq Sheikh said: "Whilst a management offer which would work for all parties is not forthcoming, the process has revealed many positives.

"The support of funding providers including our current senior lenders has further underscored the positive regard in which they hold our business.

"Similarly, the process has reinforced the commitment and enthusiasm of the management team for the business which will be to the benefit of shareholders in periods to come.

"As set out in our results also released today, whilst the environment remains challenging trading has been strong evidencing management's motivation and reflecting the effectiveness of the Group's care pathway approach."

At 9:50am: (LON:CTH) Coutts Holdings share price was +9p at 86.25p

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