News

29
Feb

Embark Group, Parent company of Sipp firm Hornbuckle, to bail out Avalon Investment Services

After announcing in late February they had applied to go into special administration after losing a High Court case reported to be at an expense of £2M, Avalon Investment Services – specialist platform and Sipp provider – has been taken over by Embark Group.
Embark Group have not confirmed a figure, but the deal has been rumoured to be worth around £125,000 and see’s Embark Group setting up a new firm, Embark Investment Services, which will take control of Avalon’s £300m of assets along with 50,000 clients, of which around 1,200 have Sipps,, but not the liabilities of the current court case.  The deal means none of the Avalon team will lose their jobs, and will add ISA and nominee capabilities to Embark.
Head of propositions Mike Douglas says: “Avalon is a good, solid business it just needs more expertise and capital and better technology to help it grow.
“We get access to the Isa and nominee part, so it’s a great fit.”
It is understood Avalon will continue to operate under the current brand, and no restructuring will take place.
Douglas added:  “There will be no restructure as such. The Avalon business is a great business and has been trading profitably, but it does not have the expertise in-house and it does not have the resources to buy-in expertise, and it needs to develop.
“We can help on the technology and marketing side, and provide all the regulatory capital and technology to help take the business forward.