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Massow in deal to buy back his business

The millionaire IFA Ivan Massow has managed to buy back his business on the same day that it went into receivership in a deal last week.

The IFA&#39s financial troubles come a year after Massow Fin-ancial Services merged with rival Louis Letourneau&#39s Rainbow Finance to form the Massow Rainbow Group. Letour-neau became CEO of the firm.

The merged company had branches in Birmingham, Brighton, Edinburgh, London, Oxford and Manchester. Massow&#39s success was built on selling life insurance to gay men who were discriminated against after the 1980s Aids hysteria.

The firm&#39s failure follows an acrimonious split between Massow and Letourneau, with each blaming the other for the firm&#39s collapse.

Massow says: “All I care about is the name Massow. The brand name is going to continue and jobs are saved. I am in discussions with the PIA about what is going to happen. I left the business in the hands of Louis Letourneau, who spent too much on management and not enough on customers.

“The business was crun-ched by stakeholder, a great, lovely product which does not pay for IFAs. Contrary to rep-orts in the press, my salary was £60,000 last year but I was paid a large bonus to cover corporation tax liabilities.”

Letourneau says: “Massow is making me a scapegoat. His firm was making heavy losses three years before the merger and this is just a continuation of that.”

Receivers Begbies Traynor were unable to confirm the sale until Tuesday and said there were other interested buyers but Massow&#39s was the most attractive deal as it ensured a speedy sale. They would not disclose the amount paid.

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