Lynx sold for £247m

Software and services group Lynx has been sold to Skandia for £247m, giving the Scandinavian insurance giant complete control of Bankhall - a Lynx subsidiary which dominates the services market for Independent Financial Advisors (IFAs).

Oxford-based Lynx employs 1,700 people, of which 300 work at Bankhall. Skandia will also take on £37m of Lynx's debts.

Skandia's head of UK operations and executive vice president said the move is in keeping with the company's desire to expand its services offering to financial advisors throughout Europe.

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