Close Brothers Group has sold its execution services and securities business, Winterflood Securities, to Marex Group for a deal worth £103.9m.

The merchant banking group confirmed the consideration is being paid in cash and is aligned with its aligned with its strategic priorities to “simplify the portfolio, enhance operational efficiency and drive sustainable growth”.

Close Brothers has previously stated it is actively evaluating its portfolios to ensure that returns are maximised and suggested this was “the right time to sell Winterflood” and focus on its core lending activities.

Both firms expect the transaction to complete in early 2026 and remains subject to regulatory approvals.

Close Brothers chief executive, Mike Morgan, commented: “Following a comprehensive strategic review, the Board is pleased to announce the sale of Winterflood to Marex. This transaction marks another important step in simplifying the group to focus on our core specialist lending business, following the sale of CBAM in February 2025.

“We see Marex as an excellent steward for the business going forward, we thank the Winterflood team for their hard work and commitment over the years, and wish them every success in their next chapter with Marex.”

Marex CEO, Ian Lowitt, added: “This acquisition gives us an opportunity to transform our existing equity market making business into a leading franchise, utilising the technology and connectivity of what is the leading brand in this market.

“We believe we can gain economies from operating at scale and also benefit from Winterflood's great technology and strong client relationships, which will enable us to introduce additional products and services from across our platform to a new set of clients.”

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