Home Finance sold in management buyout, says AWD
AWD Home Finance has been bought by its existing management team for an undisclosed sum following a strategic review of the business, AWD Group has announced.
AWD Home Finance will be rebranded Carrington Carr Home Finance Limited and will be led by current team boss David Fuher, managing director of AWD Home Finance.
The news comes less than a month after AWD Chase de Vere was fined £1.12m by the FSA for serious pension transfer, pension annuity and income withdrawal business failings that resulted in mis-selling between February 2006 and October 2007.
At the time Mike Kirsch, chief executive of AWD Group plc, said the sale would enable the adviser to focus on building its core wealth management and consulting businesses and achieve its objective to become the UK's leading independent adviser.
It is also looking to sell its Read Operations.
Mr Kirsh said he was pleased the group were able to quickly conclude a deal for the home finance business and one that would mean the business would be ongoing.
He said: "In these difficult trading conditions it is important to provide as much certainty as possible. AWD Chase de Vere and Carrington Carr Home Finance can now enter 2009 with real clarity and focus."
Mr Fuher said despite the difficult economic conditions he believed the business would do well in 2009.
He said: "My co-directors and I are very pleased to have been able to complete the purchase of AWD Home Finance within one month of the formal announcement of its offer for sale.
"Our thanks go to AWD Group for their help in achieving this smooth transfer of ownership affording all of our employees, our customers, and our business partners a degree of certainty during a very turbulent period.
"We believe that despite the economic challenges that we are faced with in 2009 and beyond there is a very bright future for Carrington Carr Home Finance and all of its stakeholders."