Irwin Mitchell Act As Legal Advisers On Successful Sale
The Guinness Mahon Trust Corporation (GMTC) has been bought out of administration by Hartley Pensions Limited, with law firm Irwin Mitchell acting as legal advisers to the joint administrators, Smith and Williamson.
The immediate sale of the business, together with certain assets, sees all former GMTC staff transfer to Hartley Pensions, securing jobs and continuity of service for GMTC’s existing clients.
Adam Stephens and Nick Myers of Smith and Williamson were appointed joint administrators of GMTC with FCA approval on 17 February.
Restructuring and insolvency partner Stephen George led the Irwin Mitchell team, together with pensions partner, Martin Jenkins.
Specialising in the provision of technical and administration services, GMTC acted as the corporate trustee of Self-Invested Personal Pensions (SIPPs). The sale includes the transfer of 4,000 SIPPs previously administered by the company, with an investment value of c£300 million.
With over 35 years’ experience in the financial services sector, Hartley Pensions is an established provider, having opened its first SIPP in 2001 and as part of the Wilton Group, manages more than £1 billion in assets.
Expert Opinion“We are delighted to have advised on this deal, which has delivered certainty to GMTC clients and staff alike.”
A swift resolution has seen all GMTC staff transfer to Hartley Pensions and in turn, ensures minimum disruption for clients and the best possible outcome for all concerned.” Stephen George - Partner
Adam Stephens, partner at Smith & Williamson and lead administrator, said: “We are pleased to confirm the sale of the business to Hartley, which will provide continuity of service to GMTC’s clients. The sale followed an extensive marketing exercise, with multiple offers being received. The sale to Hartley corresponded to the best offer being received for the business.”
Clients will be contacted in the coming days by Hartley Pensions and the joint administrators, with information about their pensions.