Register to get free articles
Want unlimited access? View Plans
Already have an account? Sign in
Quantuma has completed a sale of Wiltshire based SIPP provider, Gaudi Limited and its subsidiary, Gaudi Regulated Services Limited.
The business and its assets have been acquired by Platform One for an undisclosed price.
Gaudi offers services to assist own-brand pensions and/or investment businesses. It provides the technology, administration, technical and compliance expertise for over 20,000 SIPPs and has 13,500 customers.
According to its latest set of accounts, it recorded revenues of £2.1m and had net assets of £1.5m.
Gaudi employs 20 staff and all of them will keep their jobs and transfer to Platform One.
Sean Bucknall, Quantuma managing director and joint administrator, said: “Claims arising as a result of a small number of complaints made to the Financial Ombudsman Service would have rendered the company insolvent and unable to meet the FCA’s capital adequacy test. It was therefore imperative that the directors sought to take appropriate action to protect the interests of their customers and mitigate any impact of an impending insolvency on them.
“I am delighted to have achieved such a positive outcome and am grateful to the FCA and the team at Platform One in the roles they have played in getting this transaction completed and in doing so, protecting the interests of the SIPP holders and securing the long-term future of this business under new ownership.”
