Leicester pensions firm sold in pre-pack deal
The Sipp administration business of Leicester-based firm Berkeley Burke SIPP Administration has been sold out of administration in a pre-pack deal to Hartley Pensions.
Adrian Allen and Diana Frangou of RSM Restructuring Advisory were appointed as joint administrators of Berkeley Burke SIPP Administration yesterday (18 September).
Immediately following their appointment, the administrators sold the company’s business as a going concern to Hartley Pensions
Following the sale, Hartley will be working with the administrators to provide all clients with an ongoing service, whereby Hartley will either offer to the company’s clients a new Hartley Sipp plan, or allow clients to transfer to another Sipp plan of their choosing. Hartley says it will be retaining “a number” of the former Berkeley Burke administration staff based in Leicester.
Berkeley Burke SIPP Administration went into administration as a result of its inability to cover the financial costs of defending claims made against it in respect of the firm’s alleged due diligence failings when accepting high-risk investments.
Allen said: “Berkeley Burke SIPP Administration Limited’s dispute with the decisions of the Financial Ombudsman Service, and the level of client claims it is facing, left the firm with no option but to enter administration. The appointment was made after consultation with the Financial Conduct Authority and with their consent. The sale to Hartley will provide continuity of service to the company’s clients and ensure the clients’ interests are served whilst delivering the best available outcome for both clients and creditors.”