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.
____________________________________________________________________________
Related news:
Fyshe Horton Finney enters administration
IFA firm Target Financial Management to enter administration
This unique opportunity invites new ownership to propel a thriving business known for its exceptional customer retention and prestigious clientele, with potential for significant expansion through high-street partnerships and e-commerce growth.
This is a well-established company known for its bespoke, high-quality products crafted from natural materials, catering to a diverse client base including corporate and high-net-worth individuals. With an experienced management team and strong clien...
LEASEHOLD
An established energy management consultancy, specialising in procurement and renewable energy, is on sale due to owner retirement. It boasts a diverse commercial client base, long-standing contracts, and global outreach potential, supported by a ski...
|
07
|
|
May
|
Gino D’Acampo restaurant operator sold out of administration in £5m deal | BUSINESS SALE
A hospitality business that operated a number of Gino D&rsqu...
|
07
|
|
May
|
Macclesfield-based robotics firm acquired by Swedish tech group | BUSINESS SALE
A Macclesfield-based robotics company with additional operat...
|
06
|
|
May
|
Listed Nottinghamshire hotel on the market at £4.2m | COMMERCIAL PROPERTY
The West Retford Hotel, an 18th century manor house hotel in...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
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.