Tony Murphy and Rob Horton of insolvency specialist Bridge Business Recovery have been appointed Joint Administrators to The Clarkson Hill Group Plc, the national, AIM-listed IFA business.
Wisbech-headquartered Clarkson Hill has a national network of nine offices, 48 employees and more than 200 self-employed IFAs. Since inception, the intermediary company has completed more than 132,000 advisory transactions for clients.
Economic uncertainty and additional regulatory costs, following an FSA regulatory review, resulted in operating losses, before exceptional costs, for Clarkson Hill in 2009. As a result, the troubled group was in talks with the FSA about its capital requirements.
In November 2010, Clarkson Hill had its permissions removed by the FSA to give advice or write business and later that month, the Company’s shares on AIM were suspended, “pending clarification of the Company’s regulatory position””.
