Primrose Associates in liquidation
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Primrose Associates has been placed into liquidation, owing creditors £5m.
The firm’s liquidator John Kelmanson, says money that was invested into Primrose was instead used for Peter Carron’s other firm Evaluate Technologies, which has also gone into liquidation.
Kelmanson says: “Some of the money invested into Primrose was given to Evaluate to develop its IT system. Sadly the money has all gone.
“We are working together with the investors to try and salvage money from Evaluate and the other companies, but it looks unlikely.”
He says it is also looking at whether that money should have originally been ring-fenced.
He says he is not sure if the Financial Services Authority knew what was happening at Primrose, but some of the creditors did have direct contact with the FSA.
Mortgage Strategy reported in May that Evaluate was entering into administration. It is now understood that Comment Technologies, which is also owned by Curran, has bought the rights to the Evaluate’s technology and it will continue to develop this.
Carron could not be contacted for comment.
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Readers' comments (1)
Ancient Wisdom...is a mortgage broker in N3. | 22 Jun 2010 11:15 am
A real shame, headlines like this will be more commonplace in 2012 when RDR comes in.
People wont want to pay fees and with more providers offering direct deals on everything from SIPPS to Mortgages, advisers will continue to struggle.
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