Jubilee Financial Products contacted PricewaterhouseCoopers on Monday to declare its interest in buying the business in its entirety.
Chief executive Adam Habib says he cannot put a figure on the deal until he knows what parts of the business are on offer.
He says: “Some contractual clauses may trigger businesses to move away from Keydata or stay there, we just don’t know. We need to get accepted by PwC, see further information and work it out from there.”
Habib says the process will take some time given the size of Keydata’s business. He says: “I know quite a few institutions used Keydata for administration and it’s really the detail of those agreements which will determine how much of the business will remain.
“PwC will have to go through each one of those legal agreements in detail to find out what was paid when, then track through records to confirm that cash flows have or have not been made and whether there’s more due or not and then come up with an agreement for each entity that is using Keydata’s administration services.”
Habib expects further information and a timeline from the administrators next week once they have quantified the work needed to be done.
He says he was “completely surprised” by the announcement announcing the firm’s insolvency on Monday. He says: “We would be proud to affiliate ourselves with their team.”
Meanwhile, NDFA managing director Paul Bispham says news of the insolvency has come as a complete surprise and he has asked the administrator to be kept “closely informed on all developments”.
He says: “In light of Keydata’s demise the administrators will be looking to identify both a plan manager and a third party administrator. They will be looking to identify companies with the foremost reputations for customer service in plan management, reporting and administration, and to that end we at NDFA, along with associated company Outsourced Professional Administration Limited (OPAL) believe we are very well placed and would garner intermediary support.
“We are monitoring the situation very closely and will use our financial strength to take advantage of all developing opportunities.”