Honister Capital enters administration

The group, comprising Honister Partners, Burns-Anderson and Sage Financial Services, has appointed Grant Thornton as administrator. Direct-to-consumer business Willis Owen is unaffected. In a statement, the administrators said PII costs for the firms "have increased to unsustainable levels, driven mainly by large claims relating to historic business and, to a lesser extent, wider industry issues". It added: "This has had a material impact on regulatory capital requirements and the company's ability to trade." Honister clients are unlikely to be disadvantaged by the administration, ...