Stockbrokers Fyshe Horton Finney has been sold through special administration to Redmayne-Bentley in a £300m deal.
Paul Boyle, head of national practice and David Clements, director at Harrisons, were appointed joint special administrators to stockbrokers Fyshe Horton Finney Limited (FHF) on 20 March 2013.
The administrators have agreed a deal with stockbrokers Redmayne-Bentley which is expected to facilitate a smooth transition of the management of FHF clients’ non-cash investments totalling £300m to Redmayne.
The regulator approved the deal and it is anticipated that FHF clients will be relieved that the period of uncertainty regarding these investments has been brought to a close so quickly.
The Leeds-headquartered Redmayne’s private stockbroking client list has been boosted by some 10% through the transaction.
Earlier this year, chief Executive Hardeep Tamana stepped down after almost a decade at the helm of the business. He was followed shortly after by Directors Susan Grierson and Clive Duckitt.
David Clements said: “This sale will minimise the uncertainty for the thousands of FHF clients affected by this Special Administration. I am only sorry that we have been unable to save the jobs of FHF staff who have conducted themselves admirably during this extremely stressful period.”