AIM-listed national IFA Clarkson Hill has appointed Bridge Business Recovery as administrator.
As a result, Cairn Financial Advisers LLP, Clarkson Hill's existing nominated adviser and broker, has resigned with immediate effect.
It follows an announcement on 6 December in which Clarkson Hill said, as a result of a variation in its regulatory permissions, it had been unable to undertake any regulated activities from 5pm on 3 December.
If within one month following the resignation of Cairn the company has failed to appoint a replacement nominated adviser, the admission of Clarkson Hill's shares to trade on AIM will be cancelled.
The Board of Clarkson Hill continues to consider a sale of the company, with Moneygate and Merchant Capital keen on a bulk transfer of the firm's advisers.
Clarkson Hill shares on AIM remain suspended.
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