Failed Sipp provider Berkeley Burke has been bought by a pensions consolidator business after more than five years of wrangling over its liabilities resulted in its eventual collapse.
Consolidator Options UK has bought the business for an undisclosed sum, including both its financial services and employee benefits arms.
Christine Hallett, Options UK managing director, said the move was ‘great news.’
‘This is great news because it will significantly strengthen our position in the UK market, and it’s an important development in our growth strategy based on offering advisers and their clients a genuine solutions-driven service to help them plan for their tomorrow.’
Berkeley Burke’s employees and clients will deliver and receive a ‘business as usual’ service, Options UK added.
STM Group plc (LON:STM) is a multi-jurisdictional financial services group listed on the Alternative Investment Market of the London Stock Exchange. The Group was formed as a strategic investment company specifically to build a leading financial services group originally operating in the international corporate and trustee service provider (CTSPs) sector.