View more on these topics

Money Portal MBO complete – holding company and Bates in administration

Honister Capital has today acquired the principal advisory and direct businesses of The Money Portal Limited including Burns-Anderson, Sage Financial Services, Willis Owen and the principal assets of Bates Investment Services.

The Money Portal and national IFA arm Bates Investment Services have gone into administration.

The MBO, first revealed by Money Marketing, will see Bates renamed Honister Partners.

Honister Capital will be run by existing management, led by chief executive Mark Lund.

Honister has assembled a five-strong board of directors, led by non-executive chairman Mark Tennant, Mark Lund, chief financial officer Bryan Levine and non–executive directors Mark Holloway and Anton Simon.

Honister is backed by Peter Simon, founder and owner of the retail group Monsoon Accessorize.

Simon was a non-executive director in The Money Portal but resigned in April due to a potential conflict of interest caused by the fact he had expressed interest in the firm. Honister says the new company has been structured with no bank debt to ensure that the business can develop with more flexibility than before.

As part of the transaction, Honister has signed a transitional service agreement with Ernst & Young, the administrators of The Money Portal and Bates, to ensure “continuity and stability” during the changeover.

Honister Capital chief executive Mark Lund says: “I am delighted that we have completed this transaction, which will allow our business to move forward on a solid and stable financial footing. Our goal is to offer the best possible service for IFAs and their clients, and enable us to consolidate our position as Britain’s leading independently-owned financial advisory group.”

Simon adds: “I am very pleased to be backing the management in this transaction. I believe these are first class businesses with a talented team led by Mark Lund. Honister Capital will provide the business with a far more stable financial foundation to develop and grow.

“I was a long term believer in the commercial potential of The Money Portal, and this investment will enable the new group to develop with a more appropriate capital structure and achieve its strategic objectives.”


Manager focus: Sonja Schemmann

Dividends should be seen not just as a source of income for investors, but as a way of judging the strength and quality of a business, says Sonja Schemmann, a fund manager at Schroders. Schemmann runs the groups 34m Global Equity Income fund. Speaking at the Schroders annual investment conference in Edinburgh last week, the […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm