Squire Patton Boggs has advised FRP Advisory LLP on the sale of independent financial adviser Care Asset Management to Later Life Asset Management Limited and Integrity Asset Management Limited, after the business entered into administration on 24 January 2018.

Care Asset Management is an independent financial adviser providing retirement planning, estate and tax planning, care fee funding, legal services and investment and wealth management services to approximately 280 clients across the UK.

According to joint administrators Anthony Collier and Tom MacLennan from FRP Advisory, Care Asset Management had faced a number of financial and operational challenges, compounded by government withdrawals of care funding, which caused cash-flow issues and led it to enter into administration.

The Squire Patton Boggs team advising FRP Advisory was led by Restructuring & Insolvency partner Susan Kelly, assisted by Mark Prior, Paul Anderson (Regulatory) and Stuart James (Intellectual Property & Technology).

During the last few months, the Squire Patton Boggs Restructuring & Insolvency team has played a key role in a number of significant deals, including advising Manchester-based residential housing developer Urban Splash Modular on its acquisition of SIG Building Systems; acting for the administrators on the sale of the North West-based company behind the “VIP” brand of electronic cigarettes, Must Have Limited, and for CNG on the sale of Cash Generator and Cheque Centres.