SENSATIONAl Ace of Liverpool, known for his business dealings with Everton in exceptional circumstances
Liverpool broker, Blankstone Sington (BSL), has entered special administration.
It followed a Court Order under the Investment Bank Special Administration Regulations 2011.
Andrew Poxon, Alex Cadwallader and Hilary Pascoe of Leonard Curtis were appointed joint special administrators on October 13, 2023.
BSL is an FCA-authorised wealth management firm and a member of the London Stock Exchange, and is based in the city’s Exchange Flags office complex.
The firm’s directors resolved to place the company into special administration and applied to Court for an order to that effect.
On November 16, 2021, the FCA (Financial Conduct Authority) took temporary action to prevent BSL from disposing or diminishing the value of its own assets, accepting new client money or new custody assets from existing clients and from opening new client accounts, without the FCA’s written consent.
BSL was also required to place a notice on its website informing clients about the restrictions.
Special administration is a modified insolvency procedure for certain investment firms.
Insolvency Practitioners are appointed by the court as special administrators to take control and manage the affairs of the firm. The special administrators have an objective to return client money and custody assets as soon as reasonably practicable, ensure timely engagement with market infrastructure bodies and authorities and either rescue the firm as a going concern or wind it up in the best interests of the creditors.
On November 1, last year, Blankstone Sington, which was renowned for brokering the sale of shares in Everton FC, revealed that it had recorded an annual loss due to the continued impact of actions by the FCA, it said.
The original restrictions were due to the “loss of several experienced staff who cannot easily be replaced”, the firm said.
The company announced last November that it had fallen to a pre-tax loss of £531,731 for the 12 months to May 31, 2022, compared with a profit of £63,618 in the previous year.
Its turnover remained static at £3.2m over the same period but its funds under management fell from £472.4m to £401.8m.
