Mon, 03 Jan 2011 | BUSINESS SALE
London-based stockbrokers Merchant House Securities Limited (MHSL) has bought the business and assets of financial advice company The Clarkson Hill Group.
The troubled Clarkson Hill Group, based in Wisbeach, filed for administration in December of last year, following an FSA regulatory review which led to increased regulatory costs and operating losses.
Administrators - from insolvency specialist Bridge Business Recovery - were appointed on 17 December and immediately set about trying to find a buyer for the firm, which comprises a countrywide network of nine offices and has 48 members of staff. It also used the services of over 200 self-employed Independent Financial Advisers.
Joint Administrators Tony Murphy and Rob Horton have now announced the sale of the entire company, plus assets, to MHSL, which specialises in investment advice, stockbroking and corporate finance.
Murphy said, “As part of the administration process, I am very pleased that the Joint Administrators have successfully saved the business, and I hope that this will enable the new venture to move forward and succeed in the future.
“The Joint Administrators are working closely with the directors of the company and with MHSL to ensure a smooth transition of the business,” he added.
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