PhillipCapital is in advanced discussions to acquire struggling wealth manager Walker Crips in a deal reportedly valued between £5m and £6m, as the Singapore-headquartered group looks to bolster its UK presence.

Walker Crips, one of the UK’s oldest wealth management firms, has faced financial pressure in recent years, including rising regulatory costs, legacy issues and operational challenges. A sale to PhillipCapital would provide fresh capital, stabilise the business and offer a long-term home for its advisers and clients.

The proposed deal would see PhillipCapital take control of the listed firm’s core wealth management and investment divisions, with the intention of modernising its infrastructure and strengthening its service offering. Walker Crips’ advisers and investment teams are expected to remain in place, retaining continuity for clients.

PhillipCapital, which operates globally across 17 countries, said the UK remains a priority expansion market. The acquisition of Walker Crips would significantly increase its scale and visibility in the retail and private client investment space.

Industry commentators noted that the potential deal underscores the challenges facing smaller and mid-sized wealth managers in a regulatory environment where compliance, technology and operational costs continue to rise.

Neither party has disclosed timelines for completion, and due diligence is ongoing.