View more on these topics

Portal subsidiaries sold off in MBO

Money Portal subsidiaries Burns Anderson, Sage Financial Services and Willis Owen have been sold off to Honister Capital after TMP was placed into administration due to excessive levels of debt.

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.”


Structured switch

Former Keydata consultant Adrian Neave is to join Arbuthnot Banking Group to head its new structured products distribution business.


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