Pello Capital Limited – administration

Pello Capital Limited, the small-cap broker which assisted failed British businessman Dominic Chappell to raise funds to acquire retail chain British Home Stores, entered administration after the FCA banned it from conducting regulated activities for a second time. The broker faced similar restrictions last year, but they were ultimately lifted after several months. The broker had just begun to accept fee payments in cryptocurrencies earlier this year. It was subject to a takeover approach by a large public technology company, but the deal had to be aborted as a result of the most recent FCA restrictions. Without being able to conclude a refinancing and working under restrictions, the broker determined it was no longer possible to operate. Evelyn Partners were appointed administrators. Assured Guaranty Municipal Corp has a registered charge against the company.