Vantis plc was an accountancy firm based in London, England, providing accounting, tax and business advice to owner-managed businesses, listed companies, not for profit organisations, high-net-worth individuals and other professionals. It was placed in administration on 29 June 2010 and promptly broken up, with the various offices and businesses being sold as going concerns.[1]
History
Vantis was formed as a "consolidator", inviting existing small local accountancy partnerships to join it and become part of a national company.[2] It was listed on the Alternative Investment Market (AIM) in May 2002.[3]
In 2005 it took over struggling competitor Numerica, selling some of the offices to BDO Stoy Hayward.[4] 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.[5] Numerica had been the UK member of the global accountancy network HLB International since 2002,[6]
Notable clients
Stanford International Bank
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[16] and were made liquidators of Stanford International Bank on 15 April 2009.[17]
In February 2010, Vantis' auditors Ernst & Young expressed concern about whether Vantis would receive payment for its work on Stanford.[18] 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.[19]
Allegation of tax evasion
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.[26] 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.[27][28] Both were convicted in 2012; Perrin was jailed for 18 months and Faichney for four years.[29]
External links
- Vantis plc, information posted by the joint administrators of the company
References
- Vantis sale process months in the making, Accountancy Age, 8 Jul 2010. Includes "Timeline of Trouble" 2009-10^
- Vantis method of consolidation unlikely to reappear, Accountancy Age, 22 Jul 2010.^
- About Vantis Vantis^