Smith & Williamson has succeeding in seeing off rival Quantuma’s bid to investors to be appointed administrator of Park First.
A letter sent to Park First investors on Monday 2nd confirms Smith & Williamson’s proposals for the administration were accepted in full.
Smith & Williamson therefore cements its reputation as the go-to administrator if your unregulated investment scheme has just collapsed, having also been appointed to clean up after London Capital & Finance and Krono Partners (in all cases by the collapsed firms themselves).
Rumour has it that Park First is unlikely to be their last appointment in the sector.
Group First hit the phones in the weeks before the court date to find out which way investors would vote.
Smith & Williamson estimates its fees for the first year of the administration will stand at £1.17 million (it is unlikely Quantuma or any other credible rival would have been any cheaper).
Running parallel to the administration is an FCA court case against Park First, its owner and CEO Toby Whittaker, and other senior managers, seeking compensation on behalf of investors for losses they suffered in the scheme.