A pensions company that employs hundreds locally has gone into administration

Rowanmoor Personal Pensions Limited (RPPL), which is based on Castle Street, Salisbury, has gone into administration.

On the 31st of August, Adam Stephens and Christopher Allen of Evelyn Partners LLP were appointed Joint Administrators of RPPL.

In January 2022, it was reported that Rowanmoor Personal Pensions Limited had failed in its due diligence by the Financial Ombudsman Service (Fos).

According to the Financial Times Adviser, The Fos found that Rowanmoor had failed to verify the integrity of an introducer firm it worked with on hundreds of high-risk Sipp investments and this has led to the company’s insolvency.

Locally, Rowanmoor’s head office, Rowanmoor House, is located on Castle Street, Salisbury. Here, it is believed that the firm employs approximately 170 staff.

Sources close to Love Salisbury understand that staff have not yet been made redundant. They are hopeful that a buyer will take on the business so that jobs can be retained.

Lead joint administrator Adam Stephens explained, “Our objectives as administrators are:

• rescuing the Company as a going concern;
• or achieving a better result for the Company’s creditors as a whole than would be likely if the Company were wound up (without first being in administration);
• or realising property in order to make a distribution to one or more secured or preferential creditors.”

He went on to say, “In line with these objectives, the joint administrators are continuing to trade the business whilst pursuing a sale of the Company’s business as a going concern. All existing staff have been retained as part of this process.

“Clients should continue to contact their current relationship manager at the Company in relation to any SIPP or FPT queries.”

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