Peter Simon. backer of the company which has acquired the advisory businesses of The Money Portal (TMP) says its debt pile was too high to continue operating in today's market.
Simon, founder and director of global fashion high street chain Monsoon Accessorize and backer of Honister Capital, says he was an investor in TMP and a "believer" in the potential of the company. But after Honister yesterday announced it had acquired the principal advisory and direct businesses of TMP, a company statement read: "Simon was an investor in TMP and is supporting the MBO because he believes in the potential of the business, but felt TMP's debt was too high to succeed in today's challenging environment." Last month, after announcing it was set to embark on a capital restructu...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
