Blankstone Sington – an FCA authorised wealth management and stockbroking firm – has returned 100% of its clients’ money and assets following the transfer of the business to Redmayne Bentley.
Andrew Poxon, Alex Cadwallader and Hilary Pascoe of Leonard Curtis were appointed as joint special administrators of the firm following a court order under the Investment Bank Special Administration Regulations on 13 October 2023.
Following the appointment of Redmayne Bentley as the preferred brokers, the administrators began allocating and distributing client assets. The transfer was completed on 17 June 2024, with return of client assets made possible by the FSCS covering costs that would otherwise have been taken from client money and custody assets.
The focus of the special administrators has now shifted to house assets and creditor recoveries, with preferential creditors making a full pound-for-pound recovery. However, the position of unsecured creditors remains unresolved, with claims increasing to cover National Insurance contributions and a defined pension scheme. The special administration will continue while the administrators deal with residual distributions, creditor claims, VAT recoveries and exit planning.