Financial advisers helped to secure a merger agreement between Evolution and Beeson Gregory, the UK-based investment banks, in the second round of talks since last year.

Graeme Dell, finance director at Evolution, said two banks did not advance far enough in talks last year for advisers to be hired. This time around, UBS Warburg worked with Beeson Gregory on the negotiations, having been hired as financial adviser and joint stockbroker in February last year.