Rapidly expanding Bristol-based SIPP and SSAS pensions firm Hartley Pensions has bought failed SIPP firm Guinness Mahon Trust Corporation (GMTC).

The deal will mean the transfer of 4,000 SIPPs previously administered by GMTC which suffered a string of problems and legal actions from unhappy clients.

Adam Stephens and Nick Myers of Smith & Williamson LLP were made joint administrators of Guinness Mahon Trust Corporation Limited yesterday (17 February). Immediately following their appointment, they sold business and selected assets to Hartley.

Hartley has rapidly expanded in recent years, buying a number of SIPP books including GPC, Berkeley Burke SIPP and Greyfriars AM.

Hartley has been in business for 35 years and is part of the Wilton Group. It manages more than £1bn of clients’ assets.

Adam Stephens, partner at Smith & Williamson and lead administrator, said a number of offers for GMTC were received with Hartley’s the best.

GMRC staff will now transfer to Hartley to ensure admin continuity, he said.

GMTC was a specialist in pensions technical and admin services and administered 4,000 SIPPs with a total investment value of about £300m.

Clients of GMTC will be contacted by the administrators and Hartley with information about their pensions.