Business support services firm Equiniti Group Plc said negotiations to sell its consumer-facing platform were “ongoing” and “remained subject to commercial, operational and regulatory discussions”.

It added there is no certainty as to whether the transaction will take place at this moment or at all.

A statement added: “A further announcement will be made if or when a definitive agreement has been reached.”

According to a Sky report, it suggested Interactive Investor is “on the verge of another strategically compelling takeover with a deal to buy the retail business formerly known as Selftrade”.

According to its sources, II is “close to announcing the purchase of EQi” in a deal worth £50m.

This would mean a continuation of its buying streak, after its latest acquisition in July 2020 – The Share Centre  – taking assets under administration to £36bn.

II is the second-largest platform behind Hargreaves Lansdown and the move would represent “another logical step” for the business, sources told Sky News.