It is thought that the main reason for the company going into administration was that compliant PII, offering contingent liability, could not be obtained for the business to go forward in its current form.
However, the assets and goodwill have been purchased by Pure Panel Management Ltd who have retained all the current staff of Spinnaka and will continue to panel manage valuations on behalf of a range of clients. Most of Spinnaka’s client base is likely to migrate across to Pure.
Spinnaka was unavailable for comment.
