Poor economic conditions blamed for termination of discussions with Oval.

Perkins Slade has said it will remain independent after sales talks with Oval collapsed.

The Birmingham-based broker, which has a brokerage of around £7m, said the talks had stalled because of current poor economic conditions.

In a statement, the company said: “Consequently, Perkins Slade has decided to terminate those discussions and re-confirm their commitment to remaining an independent and largely employee owned company.”

Perkins Slade had been considering a merger with a larger broking group as part of a strategic review linked to its management succession issues.

The company said it would now look to address the matter.

"Chief executive David Slade and chairman Ron Forrest have confirmed their continuing involvement,” the broker added.

In January, Insurance Times revealed that Oval was set to begin talks with Perkins Slade. At the time, Slade said the deal should be completed by the end of May, despite sources suggesting that it would be pushed through before the Capital Gains Tax deadline on 5 April.