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Collapsed wealth manager Greyfriars Asset Management sold its Sipp and SSAS administration business to Hartley Pensions for £820,000 an update on Companies House shows.
Money Marketing previously discovered Hartley took on 1600 Sipps, 160 SSAS and almost £500m assets under management onto its books for an undisclosed sum, with fresh documents now revealing the value placed on the distressed business.
Greyfriars was a wealth management business that comprised of a discretionary fund management division, which was wound down in 2017, alongside an IFA services, Sipp and SSAS arm.
On 23 October 2018 Smith & Williamson were appointed as joint administrators to the troubled provider.
Shortly after this Greyfriars’s Sipp and SSAS administration business was sold to Hartley, an established SSAS provider that is part of the Wilton Group.
The update on Companies House from Smith & Williamson now reveals Hartley paid £820,000 for these assets in a pre-packaged sale two days after Smith & Williamson were appointed to manage the wind up.
The administrators say the sale has resulted in the best outcome for creditors in the given circumstances as they estimate an immediate shutdown and sale would have generated just £100,000.
A detailed breakdown of the £820,000 sum is also given, with £725,00 paid for the client portfolio and goodwill, £70,000 for debts and £25,000 for the database.
A total of three different offers were received for the Sipp and SSAS books with Hartley being accepted as it made the highest bid and could complete the deal within the required timeframe.
Greyfriars managing partner Gareth Roberts is to provide services to Hartley on a consultancy basis going forward and will not be part of its management team.
The document also shows the advisory arm of Greyfriars’s business was sold to Norwich-based Insight Financial Associates for £440,000 on 16 October 2018.
Approximately 20 staff transferred to the purchasers as part of both the Hartley and Insight transactions.
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