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Clarkson Hill close to Merchant Capital deal

The Clarkson Hill Group has accepted in principle an offer from Merchant Capital and the firms are battling to secure FSA permission to bulk transfer advisers, Money Marketing understands.

Mechant Capital, the corporate finance, investment advisory and stockbroking firm, has agreed to structure a new advice business to roll the Clarkson Hill advisers into, if the regulator grants a transfer.

On July 20, Clarkson Hill directors Ron Pritchard and Mike Robinson offered to make subordinated loans to the firm of almost £600,000 to meet capital requirements, which the FSA refused to accept. On December 3, the FSA removed Clarkson Hill’s regulatory permissions and compliance director Martin Field left on the same day, according to the FSA register.

The Merchant Capital deal is designed to ensure Clarkson Hill’s advisers can resume trading with clients as quickly as possible if a transfer completes.

Another firm, Moneygate, confirmed on Friday that it had been conducting due diligence on Clarkson Hill for three months with an eye to a possible deal but attempts to contact the group’s directors had gone unanswered for two weeks.

Moneygate said it has approached the FSA to try to secure permission for a bulk transfer and the regulator is understood to be considering the request.

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Comments

There are 5 comments at the moment, we would love to hear your opinion too.

  1. One hopes this is a better deal all round than any Moneygate one.

  2. Yes I am sure they will have the advisers interests at heart rather than their investors..lol

  3. Well, lets hope that the deal goes through and Clarkson Hill start paying the advisers the monies due to them for months

  4. Who wants to bet that the dodgy directors are getting a pay off from Merchant and that’s why they are so desperate to go with this firm?

    The directors always look after themselves, just the same as home of choice did.

    A. Optimist

  5. Good luck with that then it took the FSA nearly 5 months to authorise a so called “bulk transfer” of Park Row Advisers earlier this year.

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