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Money Portal subsidiary Swaines sold back to original owners

Compliance consultancy Swaines, formerly owned by The Money Portal, has been sold back to its original owner Allen Swaine, who says he is “delighted” to be severing ties with TMP.

Swaine says the firm has been “hampered in its growth” as a wholly owned subsidiary of The Money Portal.

TMP bought Swaines in December 2006 and Allen Swaine continued on as chief executive of the firm.

David Dixon has now been appointed managing director.

In June TMP went into administration and Honister Capital acquired the principal advisory and direct businesses of TMP including Burns-Anderson, Sage Financial Services, Willis Owen and the principal assets of Bates Investment Services.

Swaine says: “Swaines had experienced rapid growth until the firm was acquired by Money Portal. We are looking forward again to making our mark as one of the UK’s leading compliance consultancies, ensuring that we continue to provide the kind of bespoke compliance services for which we are renowned within the sector.

“We want to be there to assist our clients with all of their compliance needs as we approach and enter into the new era of RDR.”

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