TMP subsidiary sold back to original owner for ‘nominal’ fee

A compliance consultancy acquired by The Money Portal (TMP) for a seven figure sum has been sold back to its original owner for a “nominal” sum.

Swaines, purchased by TMP in December 2006, has been sold back to founder Allen Swaine by Ernst & Young, which was appointed administrator to TMP on 17 June.

Swaine, who stayed on as chief executive while the company was a subsidiary of TMP, says it became clear within months of the purchase the compliance firm was surplus to requirements.

"Their (TMP's) circumstances must have changed because they didn't really use us and we became a bit of a square peg in a round hole," he says.

"We drifted apart and hardly ever saw any TMP management."

It is not clear how much TMP paid for Swaines in 2006 but IFAonline understands it was a seven figure sum. Swaine says he managed to re-acquire the business for a "nominal" figure but did not disclose details.

TMP entered a pre-packaged administration in June. Assets were sold to Honister Capital, a firm launched and backed by Peter Simon, founder of high street fashion retail giant Monsoon.