London headquartered wealth adviser Strabens Hall Limited (SHL) has gone into administration and its clients transferred to another business with staff transferred to another connected business.
The firm offered advice on a range of products including retirement, pensions and estate planning with an office in France as well as its head office in central London.
The UK’s Financial Conduct Authority said that on 10 September 2024, Umbra Finance Limited placed SHL into administration and appointed Gary Shankland and Robert Ferne, both of Begbies Traynor (London) LLP, as joint administrators..
The joint administrators sold SHL’s regulated business and assets to Hybrid Advice Central Limited (HACL), which is authorised and regulated by te FCA, on 10 September 2024. As part of the sale, SHL’s clients have been transferred to HACL, the statement on 23 September continued.
HACL will be writing to clients soon to explain what this means for them, the regulator further said.
On the same day, the joint administrators sold SHL’s non-regulated business and assets to D’Arblay Wealth Limited, who are connected to HACL. As part of the sale all staff (excluding the directors) were transferred.
Most clients should not be affected by the administration of SHL. However, clients with regulated or unregulated products may wish to contact HACL for more information, the FCA said.
On SHL’s website, under the heading of ‘Strabens Hall Limited – In Administration’ it said: “On 10 September 2024, Robert Ferne and Gary Shankland of Begbies Traynor (London) LLP were appointed as Joint Administrators of Strabens Hall Limited (SH) following an application by SH’s secured creditor.
“Immediately following their appointment, the regulated business and assets were sold to Hybrid Advice Central Limited (Hybrid Advice), and the non-regulated business and assets were sold to D’Arblay Wealth Limited (previously registered as SH Newco Limited) (the Purchasers). Transferring clients of SH can contact the Purchasers at 020 7467 4444. www.darblaywealth.com
“All client files are protected and held in accordance with prevailing legislation and Hybrid Advice will continue to provide regulated advice to clients on existing terms. Hybrid Advice are contacting all platform providers and clients regarding the ongoing provision of services.”
