Independent financial adviser sold out of administration

Greater Manchester-based independent financial adviser Care Asset Management which went into administration on January 24 has been sold to two companies.

It has been bought by Later Life Asset Management in Bolton and Integrity Asset Management, headquartered in Strathclyde, Scotland.

Care Asset Management in Eccles, Salford, provides retirement planning, estate and tax planning, care fee funding, legal services and investment and wealth management services to approximately 280 clients across the UK.

According to joint administrators Anthony Collier and Tom MacLennan from FRP Advisory, Care Asset Management had faced a number of financial and operational challenges, compounded by Government withdrawals of care funding, which caused cash-flow issues and led it to enter into administration.

FRP Advisory was advised by Squire Patton Boggs.

The Squire Patton Boggs team was led by restructuring and Insolvency partner Susan Kelly, assisted by Mark Prior, Paul Anderson (regulatory) and Stuart James (intellectual property and technology).

The value of the deal was not disclosed.