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Share trading in Vantis, the parent company of IFA Vantis Financial Management, has been suspended after the group admitted it may not have sufficient funding to continue to trade on a going concern basis.
Vantis had previously announced it was in discussions with both potential new investors and its debt providers in a bid to reduce its debt obligations.
In addition, Vantis' CEO Paul Jackson and head of business recovery Nigel Hamilton-Smith resigned as directors of the group on Saturday. Steve Smith, currently finance director, will take over all executive responsibilities until a replacement CEO is identified.
In accordance with the AIM Rules, Vantis' share trading is suspended pending clarification of its financial position.
"As has been previously announced, the board of Vantis has been focussed on reducing the company's level of debt," the statement reads.
"The board now announces that, although discussions continue in relation to the disposal of certain of the company's assets as well as with both potential new investors and its debt providers, it can no longer be certain that it will continue to have sufficient funding to enable it to continue to trade on a going concern basis."
Vantis Financial Management offers financial planning services across a range of areas including: investment, retirement, mortgages, healthcare management, employee benefits and tax planning.
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Demise of the Smaller IFA - I Don't Think So
It makes me laugh when I see this kind of thing. It is always the same when we have changes on the cards - everyone says it will be the death of the small advisor that is sounded. I don't think so, whilst we may struggle to keep up, at least we are financially sound. It is the oversize groups with large numbers of director shareholders that constantly take out of a business more than they earn that will go first. Another one bites the dust.
Posted by: Bob Donaldson
Demise of the Smaller IFA - I Don't Think So
It makes me laugh when I see this kind of thing. It is always the same when we have changes on the cards - everyone says it will be the death of the small advisor that is sounded. I don't think so, whilst we may struggle to keep up, at least we are financially sound. It is the oversize groups with large numbers of director shareholders that constantly take out of a business more than they earn that will go first. Another one bites the dust.
Posted by: Bob Donaldson
Good luck
Its never good news to hear of such difficulties, These directors presumably acted in the best interests of the business at the time, it didn't work. Some people have to take the entreprenerial route to drive businesses forward, enevitable some models will be better than others that is natural selection. They tried, it didn't work. Simpathy and best wishes for all those affected directors and their families, staff, suppliers, and not forgetting their clients who might have concerns. I wish them all well for the future.
Posted by: Mark Mason
Am I missing something
The perception driven by the Media and the FSA is that financial services are ripping off clients, which surely means that adviser firms are making loads of money. Yet we continually hear of the larger firms having financial difficulties. Yes there can be high overheads and over ambitious management- but are so many managers so bad? It seems difficult to accept as an explanation in so many cases. Even the Insurance companies have run into so much difficulty that we are now down to no more than 20 or 30 viable options, from a population of 180 in the 1970s and 1980s. There are factors at play here that are not being addressed. We may be managing more money and assets than ever before, but we are still a contracting sector, and apparently not, overall, profitable enough to sustain and expend. The big question is therefore - why are see not addressing this anomaly.
Posted by: Glen McKeown
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Financial Planning
Whilst its never good to see a company get into financial difficulty, surely this is a prime example of poor financial management - i.e. spending more than earning, which is hardly a great advert for a firm of "financial planners"!
Posted by: You must be joking