Standard Life’s financial planning business 1825 said on Monday that it has terminated discussions to acquire Norwich-based independent financial advisers Almary Green, which has assets under advice of around £400 million.

A proposed deal had been announced on March 15, 2016.

Norwich-based Almary Green and 1825 confirmed that “it has not proved possible for both parties to reach agreement to complete the proposed acquisition.”

The firms said they had therefore mutually agreed to end discussions at this time.

“In the interests of certainty for our clients and staff we have agreed with 1825 to end discussions at this time,” said Carl Lamb, managing director, Almary Green Investments.

“We wish Almary Green all the best and continued success,” said Steve Murray, 1825’s CEO.

“1825 continues to focus on building a UK-wide financial planning business and we still see huge opportunities.

“The acquisitions of Pearson Jones, Baigrie Davies and Munro Partnership are complete and Jones Sheridan continues to progress positively.”

Almary Green said Lamb is not ruling out a future merger or acquisition of the firm “but is determined that it should only happen if the fit is right for the firm’s clients, staff and directors.”