Grosvenor Financial Consultants has been sold to an unnamed buyer, according to corporate restructuring firm Begbies Traynor.
The financial terms of the deal were not disclosed.
Andrew Mackenzie and Julian Pitts of Begbies Traynor were appointed as joint administrators of York-based Grosvenor on 10 August 2020.
The sale was completed on 11 August to an unnamed buyer. Begbies Traynor said it could not name the acquirer.
The administrators said that “one of the business’ major investments had been adversely impacted by the covid-19 outbreak, putting it under financial pressure”.
This comes several weeks after International Adviser reported on a Financial Conduct Authority (FCA) survey, which found 836 advisory and intermediary firms may have liquidity challenges in the coming months, subject to realisation of expected cash inflows.
