Directly authorised business looking to sell and leave Financial Services to devote more time to run a charity. The owner is a sole trader therefore seeking an Asset sale as can still benefit from BADR.
The business has c£70m FuM generating £350k of recurring income. Average ongoing charge of 0.5%. They have c362 active households all based in the West Midlands.
The business has completed c100 DB Transfers with 28 of those being British Steel. However, they have gone through the required redress scheme of which 27/28 opted out as they are happy with the advice. The one client who hasn’t opted out is no longer serviced by them as they have moved up north and is due to come out of their 6-month redress window imminently. This case has been checked by a qualified Pension Transfer Specialist who deemed the advice suitable. As this will be an Asset purchase, the acquiring firm will not be taking on the past liability anyway.