Wealth management firm Redmayne Bentley acquires private client business of Blankstone Sington, the Liverpool stockbroker which collapsed in 2023. Tony McDonough reports 

From left, Enid Aubrey, Ben Taxman, Ali Keegan and Sarah Eden-Heyes of Redmayne Bentley in Liverpool

Redmayne Bentley has acquired the private client business of collapsed Liverpool stockbroker Blankstone Sington and has moved into a new city centre base.

In February Blankstone, which dated back to 1976, was declared ‘failed’ by the FSCS (Financial Services Compensation Scheme). In October 2023 the firm was put into ‘special administration’ following a court order.

Well known for trading in the shares of Everton Football Club, Blankstone 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.

In February this year the special administrators – Andrew Poxon, Alex Cadwallader and Hilary Pascoe of Leonard Curtis – said they had secured all clients’ assets and safeguarded the company’s systems.

In April Redmayne Bentley, a wealth management and stockbroking firm, was announced as the preferred buyer and has since worked with the administrators and other key parties, to ensure a quick and smooth transition, enabling clients to be reunited with their assets and cash.

This deal sees the firm opening its doors to 1,700 former Blankstone clients, along with the creation of four new jobs and a new office in 20 Chapel Street in Liverpool city centre.

Redmayne has appointed former Blankstone employees Ben Taxman, Sarah Eden-Heyes, Enid Aubrey and Ali Keegan, who will be the point of contact for clients, assisted by the firm’s 200-strong Leeds head office.

Stuart Davis, chief executive of Redmayne Bentley, said: “For the former Blankstone clients, finalising the transfer of their assets and cash to Redmayne Bentley hopefully concludes a chapter of uncertainty, frustration and worry.

“We are delighted to support them with our award-winning personal investment management, financial planning and traditional stockbroking services.

“We are also very pleased to welcome Ben, Sarah, Enid and Ali who have a combined industry experience of over 100 years. They have been working with us to support a smooth client transition and are now supporting clients with a continued service.”

In March it was revealed that Neil Blankstone, former director of the family-owned Blankstone Sington, was to lead the Liverpool expansion of wealth manager GHC Capital Markets.

In February he posted on Linked In that Blankstone’s Sington’s time is “nearly over” after 37 years. The business, he added, had provided him with a “wealth of experience”.