Vantis

Vantis was formed as a "consolidator", inviting existing small local accountancy partnerships to join it and become part of a national company.[http://www.accountancyage.com/accountancyage/news/2266882/vantis-method-consolidation Vantis method of consolidation unlikely to reappear] {{Webarchive|url=https://web.archive.org/web/20100724054412/http://www.accountancyage.com/accountancyage/news/2266882/vantis-method-consolidation |date=2010-07-24 }}, Accountancy Age, 22 Jul 2010. It was listed on the Alternative Investment Market (AIM) in May 2002.{{cite web |url=http://www.vantisplc.com/Vantis/About/ |title=About Vantis |publisher=Vantis |archive-url=https://web.archive.org/web/20090327105205/http://www.vantisplc.com/Vantis/About/ |archive-date=March 27, 2009}}

In 2005 it took over struggling competitor Numerica, selling some of the offices to BDO Stoy Hayward.[http://www.accountingweb.co.uk/item/140588 Consolidators consolidate as Vantis buys Numerica] {{Webarchive|url=https://web.archive.org/web/20110716150821/http://www.accountingweb.co.uk/item/140588 |date=2011-07-16 }}, AccountingWEB, 3 May 2005. Retrieved 2010-06-07

Numerica was one of the first consolidators, led by former firm Levy Gee; at a time when audit work was restricted to partnerships, it was the first publicly listed company to employ staff part-time who also did audit work for an associated partnership.{{cite news| url=https://www.accountancyage.com/2001/11/14/numerica-stirs-new-audit-row/ |title=Numerica stirs new audit row |newspaper=Accountancy Age |date=14 Nov 2001 |archiveurl=https://web.archive.org/web/20160127194830/http://www.accountancyage.com/aa/news/1748726/numerica-stirs-audit-row |archivedate=27 January 2016 |url-status=live |access-date=25 June 2022}}

Numerica had been the UK member of the global accountancy network HLB International since 2002,{{cite news| url=https://www.accountancyage.com/2002/02/14/hlb-joins-numerica/ |title=HLB joins Numerica |newspaper=Accountancy Age |date=14 Feb 2002 |archiveurl=https://web.archive.org/web/20160127194830/http://www.accountancyage.com/aa/news/1777970/hlb-joins-numerica |archivedate=27 January 2016 |url-status=live |access-date=25 June 2022}} so Vantis succeeded as the UK member of the network.

As of 2010 Vantis was ranked the 13th largest accountancy firm in the UK by Accountancy Age.{{cite magazine |url=http://www.accountancyage.com/static/top50-this-year |title=The Top 50 in 2010 |access-date= 2010-12-06 |magazine=Accountancy Age |archive-url= https://web.archive.org/web/20101202141226/http://www.accountancyage.com/static/top50-this-year |url-status=live |archive-date=2010-12-02 }}

However, by February 2010 its work as liquidator of Stanford International Bank raised doubts as to whether it would receive payment for the high-profile appointment.

In June 2010, Vantis was reported to be considering disposals of part of its business to reduce its bank loans,[https://web.archive.org/web/20110611212506/http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article7143878.ece Vantis could sell part of firm to cut debts], The Times, 4 June 2010. Retrieved 2010-06-09. although the company declined to confirm this.[http://www.accountancyage.com/accountancyage/news/2264162/vantis-looks-sell-part-business Vantis looks to restructure to reduce debt burden] {{Webarchive|url=https://web.archive.org/web/20100607092012/http://www.accountancyage.com/accountancyage/news/2264162/vantis-looks-sell-part-business |date=2010-06-07 }}, Accountancy Age, 4 June 2010. Retrieved 2010-06-09. Paul Jackson then resigned as Chief Executive on 12 June, and on Monday 14 June Vantis' shares were suspended due to uncertainty over its financial position.[https://www.reuters.com/article/idUSSGE65D0AM20100614 Vantis raises going-concern doubts, shares suspended], Reuters, 14 June 2010. Retrieved 2010-06-14.{{Cite news|title = Statement re suspension|newspaper = London Stock Exchange|date = 14 June 2010|url = http://www.londonstockexchange.com/exchange/prices-and-news/news/market-news/market-news-detail.html?announcementId=10530880}}{{dead link|date=September 2024|bot=medic}}{{cbignore|bot=medic}}

Vantis entered administration on 29 June 2010, and on the same day substantially all of its businesses were sold by the administrators, FTI Consulting. Most of the business recovery arm was sold to its own management in a management buy-out for £11 million, resulting in the creation of a new business, FRP Advisory LLP. Rival consolidator RSM Tenon bought Vantis Financial Management, one business recovery office and three business advisory and tax offices for £4.46 million. The remaining business advisory and tax offices were sold separately to the local partners, and various small specialist businesses were also sold.[http://www.vantisplc.com/Vantis%20Plc_Press_Release_-_29_June_2010.pdf Going concern business sales of Vantis plc], Vantis/FTI press release, 29 June 2010. Retrieved 2010-07-12.[http://www.ft.com/cms/s/0/71b1baf2-8460-11df-9cbb-00144feabdc0.html RSM buys Vantis businesses], Financial Times, 1 Jul 2010. Retrieved 2010-07-12.[http://www.accountancyage.com/accountancyage/news/2269812/frp-took-11m-debt-vantis FRP took on £11m of debt from Vantis] {{Webarchive|url=https://web.archive.org/web/20100918135250/http://www.accountancyage.com/accountancyage/news/2269812/frp-took-11m-debt-vantis |date=2010-09-18 }}, Accountancy Age, 15 September 2010. Retrieved 20 September 2010

The administrators expected to pay general creditors 9p in the pound. HM Revenue and Customs stood to write off £10 million.[http://www.accountancyage.com/accountancyage/news/2269813/hmrc-lose-10m-vantis-collapse HMRC to lose £10m from Vantis collapse] {{Webarchive|url=https://web.archive.org/web/20100918113206/http://www.accountancyage.com/accountancyage/news/2269813/hmrc-lose-10m-vantis-collapse |date=2010-09-18 }}, Accountancy Age, 15 Sep 2010. Retrieved 20 September 2010

Vantis executives Nigel Hamilton-Smith and Peter Wastell acted as the joint receivers of Stanford International Bank Limited and Stanford Trust Company Limited from 19 February 2009[http://www.fsrc.gov.ag/ Financial Services Regulatory Commission], Antigua and Barbuda. News Archive. Retrieved 2010-06-09. and were made liquidators of Stanford International Bank on 15 April 2009.[http://www.businesswire.com/portal/site/google/?ndmViewId=news_view&newsId=20090416005409&newsLang=en) Stanford International Bank Limited Placed into Liquidation], BusinessWire, 16 April 2009. Retrieved 2010-06-09.

In February 2010, Vantis' auditors Ernst & Young expressed concern about whether Vantis would receive payment for its work on Stanford.[https://web.archive.org/web/20110611212741/http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article7011661.ece Vantis counts cost of Stanford fraud affair], The Times, 2 Feb 2010. Retrieved 2010-06-14. Properties in Antigua emerged as an important part of the company's assets, to be sold to enable payment of creditors and Vantis' own fees.[http://www.accountancyage.com/accountancyage/news/2261788/antiguan-assets-give-vantis Antiguan assets give Vantis a lifeline], Accountancy Age, 22 Apr 2010. Retrieved 2010-06-09.

In June 2010, the High Court of Antigua resolved that Vantis should be removed from its responsibilities. The firm, which had recently received government approval to sell the property assets, appealed the decision.[http://www.accountancyage.com/accountancyage/news/2264604/antigua-court-wants-remove Antigua court wants to remove Vantis from Stanford liquidation] {{Webarchive|url=https://web.archive.org/web/20100820094205/http://www.accountancyage.com/accountancyage/news/2264604/antigua-court-wants-remove |date=2010-08-20 }}, Accountancy Age, 11 June 2010. Retrieved 2010-06-11.

After the breakup of Vantis, Hamilton-Smith and Wastell transferred to the buyout firm FRP Advisory, and continued their legal fight to be reinstated as liquidators of Stanford.[http://www.accountancyage.com/accountancyage/news/2265708/stanford-liquidators-stay Stanford liquidators fight to stay on after Vantis MBO] {{Webarchive|url=https://web.archive.org/web/20100705104529/http://www.accountancyage.com/accountancyage/news/2265708/stanford-liquidators-stay |date=2010-07-05 }}, Accountancy Age, 30 Jun 2010 However, the Eastern Caribbean Court of Appeal confirmed their removal in May 2011, and the case was passed to Marcus Wide and Hugh Dickson at Grant Thornton.{{cite news|title=Stanford investors challenge court decision|url=http://www.antiguaobserver.com/?p=61514|access-date=3 January 2012|newspaper=Antigua Observer|date=14 July 2011|archive-url=https://archive.today/20120719172034/http://www.antiguaobserver.com/?p=61514|archive-date=19 July 2012|url-status=dead|df=dmy-all}}

Vantis were the administrators of the company that owns the Energie and Miss Sixty fashion brands.[https://www.theguardian.com/business/2008/oct/01/retail.creditcrunch Young fashion label Miss Sixty goes into administration], Guardian, 1 October 2008 The company returned to normal operations.

Two creditors made a claim that they had been treated unfairly, and the High Court judge stated that there was a prima facie case of professional misconduct which should be considered by the administrators' professional body.[http://www.accountancyage.com/accountancyage/news/2266992/miss-sixty-administrators Miss Sixty administrators accused of misconduct], Accountancy Age, 23 Jul 2010

Vantis was appointed in February 2010 by the owners and the board of Portsmouth Football Club to prepare a statement of financial affairs, detailing the assets and liabilities of the club.[https://www.theguardian.com/football/2010/feb/20/portsmouth-high-court Portsmouth on brink of insolvency], Guardian, 20 February 2010

In 2006 HMRC raided the homes of senior executives of Vantis following enquiries into the legitimacy of a tax avoidance scheme being promoted by the firm. Three senior executives were reportedly interviewed under caution.Robert Winnett and Holly Watt, [https://web.archive.org/web/20150529131447/http://www.thesundaytimes.co.uk/sto/news/uk_news/article56467.ece Tax raid on stars’ charity scheme], Sunday Times, 24 Dec 2006. Retrieved 2013-07-24 Subsequently, in October 2009, Roy Faichney and David Perrin were suspended and later dismissed by Vantis after HMRC charged them with offences relating to abuse of Gift Aid tax relief. They denied the charges and commenced action against Vantis for wrongful dismissal.[http://www.accountancyage.com/accountancyage/news/2252513/accountants-appear-court Vantis accountants appear in court accused of tax evasion scheme] {{Webarchive|url=https://web.archive.org/web/20100710030332/http://www.accountancyage.com/accountancyage/news/2252513/accountants-appear-court |date=2010-07-10 }}, Accountancy Age, 4 Nov 2009. Retrieved 2010-07-12[http://www.accountancyage.com/accountancyage/news/2262502/tax-scheme-suspects-faichney Tax scheme suspects Faichney and Perrin sue Vantis], Accountancy Age, 5 May 2010. Retrieved 2010-07-12 Both were convicted in 2012; Perrin was jailed for 18 months and Faichney for four years.{{cite news|url=http://www.accountancyage.com/aa/news/2219631/exvantis-faichney-joins-perrin-in-jail-over-charity-tax-fraud| title=Ex-Vantis Faichney joins Perrin in jail over charity tax fraud |date=24 October 2012| access-date=26 July 2013|newspaper=Accountancy Age}}

{{Reflist}}

• {{Cite web |url=http://www.hlbvantisaudit.com/ |title=Former official website of HLB Vantis Audit |access-date=April 17, 2009 |archive-url=https://web.archive.org/web/20090420101439/http://www.hlbvantisaudit.com/ |archive-date=April 20, 2009 |url-status=dead |df=mdy-all }}
• [http://www.vantisplc.com/SitePages/Home.aspx Vantis plc], information posted by the joint administrators of the company

{{Authority control}}

Category:Financial services companies established in 2002

Category:Financial services companies disestablished in 2010

Category:Defunct accounting firms of the United Kingdom

Category:Companies formerly listed on the London Stock Exchange

Category:2002 establishments in England