Sat, 20 Apr 2013 | ADMINISTRATION
Merchant House Group, the parent of collapsed Merchant Capital and Merchant House Financial Services, has entered administration.
MHG failed after it was unable to meet the ongoing custody and administration costs of its structured product arm, Merchant Capital, which entered administration in January. As the payment obligations were not met custodian Reyker Securities and solicitor CMS Cameron McKenna subsequently sparked off a winding-up procedure against MHG.
A few days before MHG was due to appear in the High Court on 15 April 2013 Reyker’s solicitors were informed that the directors of MHG had put it into administration.
Reyker posted a note on its site to reassure people that the safe custody was not affected by the administration procedures.
The note reads: “Reyker is pleased to re-iterate that all assets and client money are held safely with Reyker in our safe custody facilities. There is no need for investors or IFAs to do anything.”
MHG had recorded losses of £5.6 million for 2011 in late 2012, due to the costs built up in its financial advisory arm because of delays in getting its advisers re-authorised after its acquisition of Clarkson Hill Group in 2010.
Merchant Capital had debts exceeding £1.5 million to creditors, including a bill of £325,000 to HMRC, when it entered insolvency.
Merchant House Financial Services also went into administration earlier this year, and was soon after bought by Aspire Financial Management Limited, a subsidiary of the Tenet Group, transferring 13 jobs.
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