The private client business of wealth management company Blankstone Sington, which has been in special administration since October 2023, is to be acquired by Redmayne Bentley.
Redmayne Bentley, a wealth management and stockbroking firm headquartered in Leeds, will complete the deal with the Liverpool-based company subject to final regulatory and court approvals.
Blankstone Sington, which is best known for brokering the sale of shares in Everton FC, was already operating under voluntary restrictions from regulator the Financial Conduct Authority (FCA) when Leonard Curtis was appointed as special administrator last year.
Special administration is a modified insolvency procedure for certain investment firms.
The move came after Blankstone Sington asked for restrictions to be placed on its activities in November 2021 following the “loss of several experienced staff who cannot easily be replaced”.
The company contacted the FCA after the departures “caused difficulties for the company to provide its normal standard of service”.
Among the departures was chief executive Neil Turner who left his role in the summer to become investment director at Investec.
Under the voluntary agreement the firm has been restricted from disposing of its assets without the written consent of the FCA. It is also restricted from accepting client money and custody assets from existing clients, and from opening accounts for new clients without permission.
Stuart Davis, chief executive of Redmayne Bentley, said: “We are delighted Leonard Curtis selected Redmayne Bentley.
“Being a privately owned business of 150 years standing, we look forward to providing these clients with some stability and certainty going forward.
“Our service proposition, and the high levels of client service that we have always strived to deliver, provide a natural fit for Blankstone Sington clients.
“We are entering the final stages of regulatory and legal approvals but have passed key milestones such as signing of the sale and purchase agreement and submitting migration plans to the regulator. We continue to work with other external parties to ensure a smooth transition for clients.
“We are excited to be able to provide these clients with our personal investment management, financial planning and traditional stockbroking services, as we continue to grow and invest in the business for our long-term future.”
Blankstone Singleton’s accounts for the year to May 31, 2023, were due to be filed with Companies House by the end of February this year but are overdue.
For its prior financial year the business fell to a pre-tax loss of £531,731 after achieving a profit of £63,618 in the prior year.
Its turnover remained static at £3.2m over the same period but its funds under management fell from £472.4m to £401.8m.