Harrington Brooks Limited (05296992): administration
- Status
- Administration ended
- Administration began
- 2018-04-11
- Administrators
- Daniel James Mark Smith, Daniel Francis Butters
- Administrators' firm
- Deloitte
- Formerly
- One Advice Group Limited; One Advice Group PLC; One Advice Group Limited; Harrington Brooks Group Holdings Limited; Pinco 2233 Limited
- Incorporated
- 2004-11-26
- Location
- Birmingham
- Industry
- 64205 Activities of financial services holding companies
Why it went into administration
- Funding withdrawn / unable to refinance
- Regulatory change or action
From the administrators' statement
In 2014 the Financial Conduct Authority (“FCA”) took over responsibility for the regulation of DMP companies from the OFT. As a result, additional regulations were put in place for all companies operating in the sector who had to apply to the FCA for authorisation.
During this period the Group curtailed its operations and reduced in size and profitability.
In addition, as part of the authorisation process the Group was required to make redress payments to customers totalling c.£3.5m (c.£2m had been paid at the date of Administration) which had a further detrimental impact on the Group’s cash position.
Administrators' statement of proposals (2018-05-01) · Companies House register