Exeter firm buys assets of administration-hit London financial adviser
London-based advice firm Strabens Hall has been placed into administration with assets sold to different firms, including a company in Exeter.
On 10 September, Umbra Finance placed Strabens Hall Limited (SHL) into administration and appointed Gary Shankland and Robert Ferne, both of Begbies Traynor, as joint administrators.
SHL is a financial services advisory firm, offering advice on a range of products including retirement, pensions and estate planning.
The joint administrators sold SHL’s regulated business and assets to Exeter-based Hybrid Advice Central Limited (HACL).
As part of the sale, SHL’s clients have been transferred to HACL.
The Financial Conduct Authority (FCA) said that HACL will be writing to clients soon to explain what this means for them.
On the same day, the joint administrators sold SHL’s non-regulated business and assets to D’Arblay Wealth Limited, which is connected to HACL. As part of the sale all staff (excluding the directors) were transferred.
The FCA added: “Most clients should not be affected by the administration of SHL. However, clients with regulated or unregulated products may wish to contact HACL for more information.”
