CLEARWATER, Fla. — After being approached about potentially being acquired, Nicholas Financial began a strategic review of its business model to decide the best course of action.

With the analysis now complete, management revealed the best course of action for shareholders is to remain a standalone entity.

The review process involved, among other things, a consideration of the possible sale of the company.

"With the assistance of Hyde Park Capital Advisors LLC, a broad universe of domestic and international industry participants and private equity sources were solicited. The company received several indications of interest related to the sale of the company," management reported.

"After a deliberate and careful process, the board has determined that the proposals received were not in the company's and its shareholders' best interests and that the company would likely generate more long-term value with its current stand-alone strategy," the team explained.

The board of directors is also reviewing potential buy-side alternative opportunities.

"While the company has not, to date, identified a buy-side opportunity it intends to pursue, the company will continue to evaluate such opportunities as they arise, despite the conclusion of this previously announced review process," management highlighted.

Nicholas Financial presently operates 56 branch locations in Southeastern and Midwestern states.