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Positive Solutions to close half of its regional offices

Half of Positive Solutions’ regional offices are to close following the recent acquisition by Intrinsic

Adviser network Intrinsic has already merged Positive Solutions’ London satellite office with Intrinsic’s Moorgate office. The Leeds, Plymouth and Southampton offices will close early next year while the Coventry office will be closed next October. 

In a message to advisers, Intrinsic says it has reviewed the use of its regional offices and found some were uneconomic.

“Having completed the review it became clear, that for the majority of partners, maintaining regional offices was not a priority and it would make economic sense for Positive Solutions to close, or move, a number of the offices,” the message says.

An Intrinsic spokesman says: ”All the Positive Solutions partners affected by this have been consulted and are fully aware of the closures.” 

Positive Solutions retains a headquarters in Newcastle and regional offices in Glasgow, Edinburgh, Manchester.

A spokesman says the viability of these offices will be reviewed over the next year although Newcastle will remain the head office for Positive Solutions and a major office for the Intrinsic group. 

Money Marketing revealed in June that Intrinsic was to buy Positive Solutions from Aegon, with Aegon taking a small stake in the distributor as part of the deal. The firm’s 850 advisers boosted Intrinsic’s adviser headcount to around 3,000.

Earlier this month, Money Marketing revealed that Old Mutual Wealth was in talks to buy Intrinsic.  

Closure dates:

Leeds – 3 January, 2014

Plymouth – 31 January, 2014

Southampton – 8 February, 2014

Coventry – 27 October, 2014

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Nice timing…a bit like Ebenezer Scrooge firing Bob Cratchett on Christmas Eve.

    I guess it means that the directors can enjoy a nice peaceful Christmas in the safe knowledge that they haven’t got any nasty sackings to do in January.

    Merry Christmas.

  2. understandable but nevertheless dissapointing if you are an adviser. Financial services can be a lonely occupation and there are many benefits to working closely with other advisers in your area. we have a number of advisers joining us around the country who have offices and many are keen to share thier facilities with other Sandringham Partners. Camaraderie, shared costs and best practice can lead to a succesful and enjoyable outcome for an adviser used to working with others.
    wherever you find yoiurself next year i hope you have a great 2014

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