Takeover talks between Cenkos, the stockbroker founded by stock market veteran Andy Stewart, and rival broker Arden Partners have been discontinued. Arden said in a formal statement, however, that it had had preliminary approaches from other parties that might result in an offer for the company.

Arden disclosed the takeover talks ten days ago. Cenkos failed earlier this year in an audacious attempt to take over the much bigger Close Brothers. The attempted deal, which was opposed by the Close board, broke down amid much acrimony in January.

The talks between Cenkos and Arden are part of a wave of consolidation among smaller stockbrokers, spurred by the market downturn and the need to make cost savings. Arden, which emerged from two other firms, Albert E Sharp and Old Mutual, had earlier been linked with two other brokers, Oriel Securities and Altium Capital.

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