The UK Financial Conduct Authority (FCA) has confirmed that, on 14 April 2025, Blackthorn Finance Ltd entered special administration.
Adam Stephens, Philip Hemming and Kevin Ley of S&W Partners LLP were appointed joint special administrators.
Blackthorn Finance Limited is authorised by the FCA to provide payment services to a range of corporate and individual customers. On 17 November 2023, the FCA imposed restrictions on Blackthorn’s activities and an asset requirement. On 29 August 2024, Blackthorn entered Members Voluntary Liquidation, a solvent form of winding up.
Recently, the liquidators of the firm reached the view that Blackthorn did not have sufficient assets to meet all the claims that were being made by creditors. Therefore this means, the liquidators have been granted an order placing Blackthorn into special administration.
The special administrators will continue to assess claims against the relevant funds held with Blackthorn. The special administrators are responsible for managing customer claims and returning funds back to customers, where possible. Customers should receive more information from them, including details on how to make a claim in due course.
Customers should contact the joint special administrators at S&W Partners LLP for further information:
- Email: blackthorn.finance@swgroup.com
- Telephone: 020 7397 2594
- Website: https://www.ips-docs.com/
In this case, client funds are not protected by the Financial Services Compensation Scheme (FSCS).
FSCS only applies to certain types of activity. This does not include payment services.
Regulated payment and e-money firms must comply with requirements on how customers’ money should be protected, known as ‘safeguarding’.
If you are approached by a company offering to help you recover your money, you should proceed with caution. For most customers of Blackthorn, there will be no benefit in involving a third party in making a claim.
If you have any questions about the special administration process, please contact the joint special administrators using the contact details above.
