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Blankstone Sington Limited - Special Administration one year on
Andrew Poxon, Alex Cadwallader and Hilary Pascoe of Leonard Curtis were appointed Joint Special Administrators (the Special Administrators) of Blankstone Sington Limited on 13 October 2023. The first anniversary of the Special Administration has just passed.
Initially the Special Administrators secured all clients’ assets and whilst maintaining the business infrastructure, immediately commenced the process of seeking to return the those assets as expeditiously as possible, which is the first objective of the Special Administration process.
The objectives of the Special Administration are:
- To ensure the return of client assets as soon as reasonably practicable.
- To ensure the timely engagement with market infrastructure bodies and the Authorities pursuant to regulation 13 of the Investment Bank Special Administration Regulations 2011; and
- To either rescue the Investment Bank as a going concern or wind it up in the best interests of creditors.
Following an extensive mergers and acquisition marketing process, the Special Administrators identified a new broker, Redmayne Bentley LLP, who could onboard virtually all clients apart from a small number of offshore clients and a sale was agreed.
Subsequently, the Special Administrators worked with the Redmayne Bentley team to achieve a transfer of virtually all clients on 17 June, which has been the most expeditious transfer achieved in a Special Administration.
The Special Administrators have since assisted the remaining small number of clients to transfer to various onshore and offshore brokers.
Whilst the administration process is not complete, all clients are now with alternative brokers.
The Special Administrators are now progressing matters with creditors more generally and will be paying a dividend to them in due course.
Andrew Poxon said: “We are delighted to have achieved such a speedy return of client assets and would like to thank all clients for their support during the process and the input from all other parties ”.
This is the third Special Administration undertaken by Leonard Curtis out of less than 30 that have been undertaken in total since the introduction of The Investment Bank Special Administration Regulation in 2011.
Alex Cadwallader commented: "We have now returned over £1 billion of client assets and are a trusted operator with the FCA, FSCS and LSE. Combining this with our direct experience of being appointed over numerous SIPP operators, wealth managers, investment banks and brokerages and credit unions has helped establish Leonard Curtis as one of the few true market leaders in the financial services industry both in the UK and Offshore.”
Leonard Curtis have a dedicated Financial Services Team who provide support and practical advice to numerous regulated financial services businesses experiencing challenges with growth, finances and regulation.
Leonard Curtis was advised by Ashurst LLP, Hill Dickinson LLP and Signature Corporate Finance.
Support is available to all clients and further information can be found here (www.leonardcurtis.co.uk/case/blankstone).
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Reach Commercial Finance Limited. Registered in England no 09056450. Leonard Curtis is a trading style of Reach Commercial Finance Limited. Leonard Curtis is a broker not a lender and is independent with access to the whole of market. We may receive commissions that will vary depending on the lender, product or other permissible factors. The nature of any commission model will be confirmed to you before you proceed. Authorised and regulated by the Financial Conduct Authority FCA no. 753686. Registered with the Information Commissioner’s Office reference ZA069234
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