Redundancies announced as Manchester advisory firm falls into administration
Care Asset Management Limited, a financial advisory company specialising in investment advice for older people, has gone into administration.
Partners Anthony Collier and Tom MacLennan of FRP Advisory LLP, joint administrators of the business, are now in the process of seeking a buyer.
Care Asset Management has temporarily ceased trading and eight employees at its Manchester HQ have been made redundant.
The firm provides retirement planning, estate and tax planning, care fee funding, legal services and investment and wealth management services to around 280 clients in the UK.
Having faced a number of financial and operational challenges in recent months – made worse, according to FRP Advisory, by government withdrawals of care funding – Care Asset Management eventually went into administration due to cash-flow issues.
Anthony Collier said: “We have an ageing population in the UK and there remains a significant demand for services such as retirement, tax and estate planning from trusted, independent advisers.
“The company is one of the country’s most respected practices in its field and while we’re currently unable to continue to trade the business due to FCA regulations, our focus will be on seeking a buyer and working closely with employees to support them during this challenging period.”
He added: “We would encourage any interested parties to contact the joint administrators as soon as possible.”