SQ Wealth Limited (09550839): administration
- Status
- Administration ended
- Administration began
- 2022-10-20
- Administrators' firm
- Begbies Traynor
- Formerly
- Quays Wealth Management Limited
- Incorporated
- 2015-04-20
- Location
- Manchester
- Industry
- 65110 Life insurance
Why it went into administration
- Regulatory change or action
- COVID-19
- Cash flow / liquidity pressure
From the administrators' statement
SQ Wealth Limited (formerly Quays Wealth Management Limited) was incorporated on 20 April 2015 and received FCA approval to provide regulated financial advice on 19 August 2015.
Stephen Leadbetter was appointed at inception as a Director and held the required regulated functions as stipulated by the FCA (Firm Principal status). David Bowers was a Director from 2 February 2017 to 8 November 2018 and also held FCA regulated functions. Alexander Burgess was a director from 8 November 2018 to 17 July 2020.
On commencement of trading and the regulatory approval from the FCA, the Company inherited a number of clients from a previously regulated firm. As such, monthly trail income was generated at the outset. There was a small Directors’ loan at the outset to ensure regulatory compliance with capital adequacy rules.
Administrators' statement of proposals (2022-11-30) · Companies House register