A digital HIP provider has been rescued from administration by IFA financial solutions provider Integrity, saving 40 jobs.
First Sellers Pack (FSP), which delivered the controversial Home Information Packs to the property sector, will now be called Integrity FSP following the rescue.
Iain Stamp, CEO of Integrity, says: “This private equity deal represents great business for Integrity. It demonstrates not only the size of our company and its resources, but also Integrity’s desire to seek out opportunities to further grow its capital to enable it to continue to deliver the best services and solutions to its core markets and attractive returns to clients and stakeholders.
“First Sellers Pack represents a great investment as it has a unique competitive advantage in the provision of HIPs to the property market.
“The deal also allows Integrity to diversify income streams and represents a good strategic fit as both firms are leading edge in their respective markets.”
As part of the rescue package, Nick Twyman, chief operating officer at Integrity will become the CEO of Integrity FSP.
Twyman says: “Integrity FSP has a great business model, and in the digital provision of HIPs the company has a distinct competitive advantage.
“I am confident that with the new funding and strong management commitment from Integrity the company can become a leading provider of HIPs to the property market.”
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Joined as head of strategy, multi asset, in June
Group income protection
Nine in 10 do not have income protection