Blankstone Sington Limited (02378144): administration
- Status
- In administration
- Administration began
- 2023-10-13
- Administrators
- Andrew Poxon, Alex David Cadwallader, Hilary Pascoe
- Administrators' firm
- Leonard Curtis
- Incorporated
- 1989-05-02
- Location
- Manchester
- Industry
- 66120 Security and commodity contracts dealing activities
Why it went into administration
- Regulatory change or action
From the administrators' statement
During October 2022 the Company engaged Leonard Curtis to present observations on the Company’s financial position to the Board and the options available to the Company. Leonard Curtis identified two potential options the first being a sale of the business (although previous attempts has not been successful) and the potential entry into Special Administration if a sale could not be concluded.
The Board also considered raising an additional £2,500,000 of finance to provide the Company with sufficient cash to continue trading and focus on dealing with regulatory matters. The Board subsequently decided against pursuing this option as the VREQ would remain in force throughout, which in turn, would continue to impact negatively on the Company’s Clients.
In relation to the two potential options identified by Leonard Curtis, the Company had already instructed Signature to conduct an accelerated marketing exercise to identify a potential acquirer for the business. As part of this exercise, Signature approached approximately 140 regulated firms, resulting in two offers for the business.
Administrators' statement of proposals (2023-11-30) · Companies House register