Hawkpoint, a corporate finance boutique, has lost out while rival LongAcre Partners has gained after Scottish media group SMG today ditched the sale of its outdoor advertising business and opted to spin off its Virgin Radio subsidiary.

SMG handed Hawkpoint an advisory role last September when it hired the boutique to handle the sale of Primesight, the outdoor advertising unit, and Pearl & Dean, its cinema advertising business. The mandate was Hawkpoint's first from SMG since the boutique hired Citigroup managing director Simon Gluckstein, whose clients at the Wall Street bank included SMG.