Cofunds: Our shareholders do not want to sell

Cofunds has denied its backers want out after a report emerged that shareholder L&G has made an offer for the platform.

According to the report, L&G group executive director of savings Mark Gregory wrote to former Cofunds chief executive office Charlie Eppinger last month expressing an interest in buying the firm in a deal valuing the supermarket at up to £200m. L&G has a 25% stake in Cofunds, with IFDS owing 24% of the platform and Newhouse Capital holding 18%. Fund managers Threadneedle and Jupiter own 20% and 10% respectively whilst Prudential owns 3% of the platform. But Cofunds sales and marketing director Alastair Conway (pictured) said the platform's shareholders do not want to sell their stakes...