Capricorn Wealth Management Ltd, an appointed representative of Openwork, has been ordered to pay the network £230,000 in costs after failing to be granted an injunction.
According to court documents seen by Financial Planning Today, Capricorn was seeking an injunction to stop Openwork from sharing ‘preliminary determinations’ it had made regarding the ‘honesty, fitness and propriety’ of individuals connected with Capricorn, including its senior management.
Capricorn was also claiming for breach of contract and seeking damages and costs.
A judge dismissed Capricorn’s application for an injunction on 14 January.
The document claims that Openwork did not give Capricorn, and the individuals involved, enough opportunity to respond to its allegations.
Court documents also included allegations that Openwork told Capricorn to cease taking in new business and told it to redirect new business to the Openwork network.
Following a hearing earlier this month, the judge ordered Capricorn to pay Openwork £229,768 in costs.
Openwork said that it is not commenting on the unsuccessful application from Capricorn.
Capricorn Wealth Management has been contacted for comment.
Openwork has had a slightly rocky start to 2026.
The network set aside £2.4m for ongoing advice provision earlier this month, according to its latest financial statements.
It said it was aware of some instances where its customers had not received the ‘level of service they should expect’ following an internal review, and that it is working to identify those affected.
However, despite the provision, Openwork say its profit before tax double to £3.9m.
In May, private equity investor Bain Capital took a £120m stake in adviser network the Openwork Partnership, securing a 30% share in the firm.
Since the investment from Bain Capital, Openwork has acquired network member and 100-adviser firm Northern-Ireland headquartered Milecross. The firm has assets under management of around £750m, with 100 advisers across 30 UK locations.
Openwork also agreed a new debt facility with Santander earlier this year to provide an expanded £35m revolving credit facility to accelerate its adviser succession and renewal programmes.
Since being set up in 2005, Openwork has grown to a network of more than 4,800 advisers. Since 2018, Openwork has been 90% owned by more than 1,300 Partners, which includes the principals of the network’s 860 advice firms.