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Leonard Curtis concludes £500k sale of Nexus companies
Joint Administrators to Nexus Independent Financial Advisors Limited and Nexus Investment Managers Limited from business recovery firm Leonard Curtis confirmed today that, following FCA consent, a sale was completed to Vintage Wealth Management Limited on 9th March 2023. The combined sale consideration for both businesses was £500,000.
Carl Faulds and Nicola Layland of the south coast office of Leonard Curtis were appointed Joint Administrators of the Nexus Independent Financial Advisors Limited and Nexus Investment Managers Limited by the High Court on 26th January 2023.
The appointment arose as a result of the sole directores absence from the business and concerns relating to the directores conduct.
The Financial Conduct Authority published a formal supervisory notice on 31st January 2023 imposing restrictions on both companies ability to trade.
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Following their appointment, the Joint Administrators retained the remaining management team whilst the companies businesses were marketed for sale.
The Joint Administrators instructed Hilco Valuation Services to carry out an extensive marketing exercise.
Hilco received 60 initial enquires, with 38 potential bidders entering into a non-disclosure agreement to enable them to access a confidential data room established to provide potential purchasers with access to relevant information.
Seven parties engaged in more detailed discussions, including calls with the management team, and were provided additional information, resulting in four formal offers.
The sale required FCA approval, and they were provided with details of all offers received and also liaised with potential purchasers. As part of the sale process, a number of regulatory hurdles had to be overcome, including satisfying the FCA that the purchaser had the resources to be able to manage the volume of potential clients being transferred.
Joint Administrator Nicola Layland said: I am pleased with the outcome, as it was a difficult process, taking into account the background and the role of the FCA. It was important to all parties that the interests of the clients were protected as well as achieving the maximum sum possible for creditors of the two companies.
I am grateful to the management team and staff and Moore Barlow Solicitors for their assistance in successfully concluding the sale.
Carl Faulds, Joint Administrator, added: The next stage in the Administration will be to identify further monies that may be recoverable for the benefit of creditors and assisting the FCA with any further enquiries into the circumstances leading to the Administration.
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Reach Commercial Finance Limited. Registered in England no 09056450. Leonard Curtis is a trading style of Reach Commercial Finance Limited. Leonard Curtis is a broker not a lender and is independent with access to the whole of market. We may receive commissions that will vary depending on the lender, product or other permissible factors. The nature of any commission model will be confirmed to you before you proceed. Authorised and regulated by the Financial Conduct Authority FCA no. 753686. Registered with the Information Commissioner’s Office reference ZA069234
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