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Moneygate: A20 deal “unlikely”

Moneygate chief executive Lee Hartley says a deal for network Alpha to Omega is now unlikely despite a third offer for the business remaining on the table.

Moneygate was set to acquire the network earlier this week, with administrators Benedict Mackenzie claiming a deal for the firm was imminent.

Hartley says: “We submitted an offer for the business which was initially accepted only to revise that offer significantly downwards. That offer has since been rejected and we have put in a third and final offer which remains on the table but it remains unlikely we are going to do any business with A20.”

Hartley says the firm has received contact from a number of A20 advisers over moving from the network with around 10 to 20 understood to be interested.

Hartley says a number of parties are still interested in the business.

He says: “We understand that there are several other parties interested, but we do not if there interest is for the full business or part of it. Our interest was for all of the trading assets to keep the business together as best we could.”

Last week, law firm Regulatory Legal raised concerns that administrators were trying to “pre-pack” A20 advisers and their clients assets to sell on to another IFA firm.

Regulatory Legal partner Gareth Fatchett says: “The key issue remains the ownership of clients as to sell them on as part of the deal would raise questions of TCF, given that it is the adviser who owns the clients.”

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