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Clarkson Hill appoints restructuring firm as administrator

Clarkson Hill Group has appointed restructuring specialist Bridge Business Recovery LLP as administrator.

The group says Bridge’s Tony Murphy and Robert Horton have been named as joint administrators.

In a stockmarket announcement, it says as a result of this its nominated adviser and broker Cairn Financial Advisers LLP has resigned.

Clarkson Hill says Bridge’s appointment is further to its December 6 statement, in which it revealed the FSA had removed its regulatory permissions to give advice.

Cairn leaves just four months after it was appointed on August 12 to take over from Astaire Securities.

Astaire was acting as nominated adviser to Clarkson Hill on July 1 when it was forced to announce that trading of its shares on the Alternative Investment Market was suspended due to the firm’s failure to publish annual accounts.

The statement today says: “If within one month following the resignation of a company’s nominated adviser, the company has failed to appoint a replacement nominated adviser, the admission of the company’s shares to trading on AIM will be cancelled. The company’s shares will remain suspended from trading on AIM.”

Earlier this week Money Marketing reported that Clarkson Hill had agreed to a deal with Merchant Capital, provided the firms could secure FSA permission for a bulk transfer.

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