High-net-worth IFA Corporate Planning Group, the firm set up by former Inter-Alliance director David Tuson, has been placed into administration and put up for sale.
The Fareham firm, which had 82 RIs at a number of offices across the South, closed to regulated business on Monday because of a cash shortage. The advisers were employed on a sub-contracted basis and remain on the books but all 65 staff have been made redundant.
Tuson, who was a director of Inter-Alliance at the time it floated on Aim, left the management of CPG 18 months ago but retained a consultancy role, leaving managing director Chris Robertson to take day-to-day control.
CPG was set up in June 2001 with £2.8m of private capital and is believed to have secured only half of the £3m extra capital it had been seeking at the beginning of this year.
London insolvency service Tenon Recovery, which has been appointed to deal with the firm's administration, is in talks for a quick sale and expects to announce a buyer this week. Spokesman Cameron Gunn says: “We are in talks with several competitors in the marketplace with the intention of effecting a sale to ensure continuity of service to all involved with the group.”