Blankstone Sington Ltd (FRN: 143694) was declared as failed by the Financial Services Compensation Scheme in February, with the court appointing special administrators following an application by the FCA.

Redmayne said today it had signed an agreement to acquire the private client business of Blankstone Sington Limited. 

The cost of any deal has not been disclosed.

According to Redmayne Bentley, administrators Leonard Curtis have deemed the most favourable solution for Blankstone Sington clients is for a transfer of their money and assets to a single broker which is also regulated by the FCA.

Redmayne Bentley, which also has a Financial Planning arm, said it had been selected as the preferred firm to take over the private client book. The transfer means clients and assets will be transferred to Redmayne Bentley, a large private client wealth management and stockbroking firm.

Blankstone administrators Leonard Curtis today confirmed the details of the proposed ‘Distribution Plan’ to Blankstone Sington clients and notified them of the planned transfer to Redmayne Bentley.

The transfer is set to take place in late June. As part of the process Blankstone Sington clients will not be able to speak to Redmayne Bentley until this point. In the meantime, information and support is available to clients affected at www.leonardcurtis.co.uk/case/blankstone

Stuart Davis, chief executive, Redmayne Bentley said: “We are delighted Leonard Curtis selected Redmayne Bentley. Being a privately owned business of 150 years standing, we look forward to providing these clients with some stability and certainty going forward. Our service proposition, and the high levels of client service that we have always strived to deliver, provide a natural fit for Blankstone Sington clients.”

Redmayne Bentley has previously accepted the transfer of clients from other firms including Havelock Hunter, Fyshe Horton Finney and SP Angel.

Following the failure of Blankstone Sington in February, the FSCS said that it would be investigating whether there were any claims eligible for compensation.

A spokesperson for the FSCS said the compensation body was working closely with the administrators as it expected to pay compensation in order to transfer clients’ money and assets to new brokers.

Blankstone Sington operated since 1976, according to the company’s website, offering investment management, model portfolio services, inheritance tax services and stockbroking. The firm also offered services relating to Sipps, estate administration, personal and trust taxation services and ISA advice.

According to the FCA’s register, Blankstone Sington (BSL) was authorised to do pension and investment work. It was also a member of the Stock Exchange.

On 16 November 2021, the FCA took temporary action to prevent BSL from disposing or diminishing the value of its own assets, accepting new client money or new custody assets from existing clients and from opening new client accounts, without the written consent of the regulator.

According to the administrators, Blankstone agreed to enter voluntary requirements in November 2021 because of the loss of several experienced staff who could not easily be replaced. It meant the firm could not take on any new clients.

The directors subsequently tried to find a buyer for the company and received four offers. It entered into a three-month exclusivity agreement with one party to progress a sale in 2023 but that fell through.

Redemayne Bentley was established in 1875 and has more than 150 client-facing investment professionals and over 25 offices throughout the UK. 

Redmayne Bentley provides services for private clients, trusts, charities and professional advisers, including traditional stockbroking, an online Managed Portfolio Service (MPS), bespoke investment management and Financial Planning.