UK investment bank Cavendish is looking for “selective acquisitions” to grow its business and is not “up for sale”, its chief executives told Financial News, following an approach by a private equity-backed professional services firm.

Cavendish received an unsolicited approach from private equity-backed professional services firm S&W for its M&A and and debt advisory business. It confirmed on 24 June that it had “received interest”, but rejected the deal.