The financial training industry was awash with rumours of mergers just over a year ago when BPP Holdings, a company involved in the training of barristers, solicitors and accountants, purchased Hyperion Training, a firm set up to help analysts and stockbrokers pass professional examinations.

However, Patrick Thompson, chairman of BPP Hyperion, does not believe that niche players are on their way to extinction. 'I don't think you are going to see complete industry consolidation. There will always be different sizes and scales of players,' he says.