The voluntary administrators of Storm Financial have sacked Storm’s 115 staff members and announced the closure of the business.
The administrators — Raj Khatri and Ivor Worrell from Worrells Solvency and Forensic Accountants — stated “the company’s income had reduced very significantly over recent months resulting in trading losses being incurred at a rate which the company could no longer absorb”.
The administrators said Storm is no longer in a position to transact further business for its clients.
As a result, the embattled financial planning group is hoping to introduce alternative financial advisers to its clients in the near future, but was stressing client information was being kept confidential until clients specifically authorised its release.
