Wed, 04 Jul 2012 | ADMINISTRATION
Problems with professional indemnity insurance (PII) have seen financial advisory group Honister Capital enter administration.
The group comprises of Honister Partners, Burns-Anderson and Sage Financial Services. Consumer-facing business Willis Owen is unaffected, however.
According to a statement from administrators Grant Thornton, its problems arose due to “unsustainable levels” of costs deriving from PII claims. These have mainly been driven by “large claims relating to historic business and, to a lesser extent, wider industry issues”.
“This has had a material impact on regulatory capital requirements and the company's ability to trade,” a statement added.
Key members of the group's workforce will be maintained in order to assist with the wind-down but the business will not continue to trade in administration and members of its network will not be able to offer financial advice to their clients. However, the group does not hold client monies so its customers' finances are thought to be safe.
At the moment a sale is not on the cards but Honister's directors are understood to have been attempting to arrange a sale to a third party in order to provide continued employment for its staff and advice for its clients.
This well-established company specialises in high-security transport services for government-linked projects, with a focus on passenger transportation for Home Office asylum accommodation sites.
This multidisciplinary engineering and environmental consultancy boasts a proven track record of over 20 years in delivering complex infrastructure projects across sectors like infrastructure, water resources, and maritime.
This is a rare opportunity to acquire an award-winning high-quality ice cream manufacturer with a recognised brand and a purpose-built factory.
Looking for more businesses? Try our off-market tool.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.