Jobs saved as pension provider sold by administrators

A pension firm in Wiltshire has been sold out of administration saving 20 jobs.

Gaudi has been has been acquired by investment tech firm Platform One in a deal organised by administrator Quantuma.

Gaudi specialise in Self-Invested Personal Pension and managed more than 20,000 SIPPs for its customers.

The Financial Complaints Authority confirmed that several complaints made against the company had been upheld.

The FCA added that Gaudi’s bosses had decided to place the company in administration as a result of the liabilities linked to the complaints.

Quantuma said that according to its latest set of accounts Gaudi revenues of £2.1m and net assets of £1.5m.

Quantuma managing director and joint administrator Sean Bucknall said: “Claims arising as a result of a small number of complaints made to the Financial Ombudsman Service would have rendered the company insolvent and unable to meet the FCA’s capital adequacy test.

“It was therefore imperative that the directors sought to take appropriate action to protect the interests of their customers and mitigate any impact of an impending insolvency on them.

“I am delighted to have achieved such a positive outcome and am grateful to the FCA and the team at Platform One in the roles they have played in getting this transaction completed and in doing so, protecting the interests of the SIPP holders and securing the long-term future of this business under new ownership.”