Thu, 13 Jun 2019 | ADMINISTRATION
GPC Sipp Limited, a firm specialising in providing technical and administration services to the Guardian Pension Trustees Limited, has collapsed into administration.
The company has called in financial advisory specialists Smith & Williamson to handle the administration process, with partners Adam Stephens and Henry Shinners appointed as joint administrators.
In a statement to the public, the administrators claimed they were exploring ways to rescue the company with a view to selling it in order to attain the best possible outcome for its clients. A sale would include the transfer of client assets to the new provider.
Stephens said: “In line with [our] objectives, the joint administrators are continuing to trade the business whilst in ongoing discussions with a number of interested parties as part of our work to try and sell the company’s business as a going concern.
“Any interested parties should contact the company immediately. All existing employees have been retained as part of this process.”
Estimated to have a total investment value of £130 million, GPC Sipp is the corporate trustee of 50 small self-administered schemes and 3,200 self-invested personal pensions.
However, the company’s decline was a result of it having 2,700 Sipps with alternative investments, a significant number of which failed. As a result, 141 Sipp clients have launched legal action against GPC, which caused a “significant drain on resources” leading to insolvency.
The administrators further noted that the company had not marketed their services since 2013 due to the failed investment of the assets in the Sipps between 2009 and 2012.
Guardian Pension Trustees Limited is not in administration.
Expressions of interest from potential buyers are actively being invited by the administrators.
For more news stories about administrations click here. For all our administrations listings, click here.
This memorandum outlines the opportunity to acquire a group of two companies operating in the mortgage network space. Trading for nine years, these companies have shown impressive growth, with a significant combined turnover.
This practice, established for over 15 years, is available for sale. Practitioner would be available to assist in the transition period to ensure a smooth handover of clients.
This practice, which was established over 30 years ago, is available for sale. Practitioners would be available to assist in the transition period to ensure a smooth handover of clients.
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