Platform One has agreed to acquire fintech Gaudi and take over the £1bn-plus SIPP assets currently administered by the firm.

Gaudi has been subject to a recent asset disposal restriction by the FCA and has now gone into administration.

At the end of December the FCA imposed a number of restrictions, including that it must not dispose of or transfer any assets without the prior written consent of the FCA. 

Gaudi directors today decided that the firm was insolvent in the face of a number of upheld Financial Ombudsman Service complaints and have appointed administrators.

The Platform One acquisition, of which the financial details have not been disclosed, takes Platform One’s assets under administration to £2.7bn.

The platform will use its acquisition of Gaudi to launch its own on-platform SIPP. Gaudi will be rebranded to Platform One with staff moving over to the new combined firm.

Gaudi said that as a fintech firm, it felt natural to become part of a larger innovative business.

Adam Burwell, head of implementation at Gaudi, said: “This is a fantastic result for Gaudi and we’re looking forward to joining Platform One. We’re excited to plug our SIPP into Platform One technology and become part of a more holistic, technology-based offering. The shape of this acquisition also means we can continue to offer our existing clients a wider service without interruption.”

Under the deal, existing Gaudi SIPP customers will also gain access to Platform One’s offerings including custody, ISA management and technology.

Alex Cowan-Sanluis, CEO of Platform One, said: “This is a fantastic acquisition for us at Platform One. Gaudi has a highly complementary proposition to ours, and its experienced team bring a deep range of technical knowledge and administrative expertise to our growing business.

“We’re excited to welcome Gaudi’s customers to Platform One and look forward to offering them access to a greater range of services. Plus with the upcoming launch of our new SIPP, we’ll deliver a more rounded proposition for our IFA customers and their clients.”

• Editor's Note: story updated 2.20pm to include details of Gaudi going into administration.