All three parties confirmed talks were taking place last week, but industry observers felt the Next Fifteen board might be reluctant to sell the business for a discounted price.
One analyst said before today's statement: "The question is how much Next Fifteen needs to sell the business, and my gut feel is they probably do not.'
Next Fifteen's share price fell backed 15 per cent in morning trading on the news.
The firm said that discussions have been ended before any of the parties involved undertook any due diligence or reached any definitive agreement.
A statement this morning read: ‘The board of Next Fifteen believes that the interests of both shareholders and the business are best served by remaining as an independent group at the present time.'
Next Fifteen said that its board will continue to explore opportunities to develop and extend its range of services.
Tim Dyson is cheif executive of Next Fifteen and Will Whitehorn is its chairman.