One of the best known stockbroking firms in Liverpool is in administration two years after its business activities were put under restriction by the Financial Conduct Authority. Tony McDough reports
Liverpool stock broker Blankstone Sington (BSL) has been put into special administration.
Based at Walker House in Exchange Flags in the city centre, the firm was founded in 1976 by former Liverpool Stock Exchange Chairman Michael Blankstone and his business partner Reggie Sington.
Special administration is similar to a normal administration whereby the administrators either look to sell the business as a going concern or wind it up.
However, special administration is used for investment firms such as BSL and also requires clients assets to be recovered as soon as is reasonably practicable.
BSL, which was well known for trading in the shares of Everton Football Club, saw temporary restrictions imposed on its activities in November 2021 by the Financial Conduct Authority.
These prevented the firm from disposing or diminishing the value of its own assets, accepting new client money or new custody assets from existing clients and from opening new client accounts, without the FCA’s written consent.
They were put in place due to the “loss of several experienced staff who cannot easily be replaced”.
In the 12 months to May 31, 2022, BSL reported an annual turnover of £3.2m, similar to the previous year. It recorded a pre-tax loss of £531,731 compared to a profit of £63,618 in 2021. Funds under management fell from £472.4m to £401.8m.
Andrew Poxon, Alex Cadwallader and Hilary Pascoe of Leonard Curtis were appointed joint special administrators on October 13, 2023.The firm’s directors resolved to place the company into special administration and applied to court for an order to that effect.