Bridge Recovery administrators sell Clarkson Hill

ADMINISTRATORS FROM Bridge Business Recovery have saved financial advisers Clarkson Hill through sale in administration.

Tony Murphy and Rob Horton were appointed joint administrators to the AIM-listed business in November last year.

The pair was able to sell the business and assets to corporate finance and stockbroking business Merchant House Securities, based in London.

Murphy, partner at Bridge Business Recovery, said he hoped the new venture was successful in the future and was working with the new company to ensure a smooth transition.

Clarkson Hill, which sold financial planning services such as pension and insurance policies, has a network of nine offices, 48 employees and more than 200 self-employed independent financial advisers.

Merchant House Securities is set to collect commission from debtors to Clarkson Hill estimated at £4m, reported the Wall Street Journal.

The publication said the administrators and third parties are likely to receive £3.75m of that sum.

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