The principal assets of Bates Investment Services, which was also placed into administration on June 17 after no interest was expressed in the firm, have been sold on to Honister Partners, a subsidiary of Honister Capital. All Bates’ advisers have transferred to Honister Partners,while IFAs at Burns Anderson, Sage and Willis Owen have transferred to Honister Capital.
The management buyout will see investment vehicle Honister Capital run by former TMP chief executive Mark Lund while non-executive chairman Mark Tennant, chief financial officer Bryan Levine and non-executive directors Mark Holloway and Anton Simon will sit on the board.
Honister, which is backed by Peter Simon, founder and owner of the retail group Monsoon Accessorize, has been structured with no bank debt.
Simon stepped down as a non-executive director in April due to a potential conflict of interest caused by the fact he had expressed interest in TMP.
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.”