Renew Financial Management Limited (10602219): administration
- Status
- Administration ended
- Administration began
- 2021-01-15
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2017-02-06
- Location
- New Bridge Street West
- Industry
- 66220 Activities of insurance agents and brokers
Why it went into administration
- Regulatory change or action
- COVID-19
From the administrators' statement
The Company traded as an insurance broker focussing predominantly on life insurance. The Company’s activities were authorised and regulated by the Financial Conduct Authority ("FCA’).
The Company had traded successfully up until the restrictions put in place as a result of COVID-19 had an impact on the volume of sales made. The Company continued to trade throughout the pandemic, sourcing work from their 60 strong work force, an Appointed Representative ("AR”) and an Introducer Appointed Representative (“JAR”).
In January 2021, the |AR approached the Director and informed him that due to its financial position, they could no longer work with the Company. This left the Director estimating the cost of this to be in the region of £30,000 - £35,000 per week in clawbacks from providers. Although the Company had cash in the bank, sooner or later the funds would run out as the level of income generated from the other two revenue streams would not be able to cover these clawbacks.
Administrators' statement of proposals (2021-03-15) · Companies House register