Classic Network Solutions and Berkeley Independent Advisers Limited all made public announcements offering the network’s advisers a new home.
However Thinc announced that it had acquired the firm on Tuesday this week for an undisclosed sum.
Network 300 is understood to have gone in to administration due to lack of capital adequacy.
According to Simon Chamberlain, CEO of Thinc, his firm had a long standing interested in acquiring Network 300.
“We had been talking to Network 300 for some time but had to move quickly when the situation regarding their going into administration became apparent,” he said.
He said that all 287 of Group 300’s advisers would undergo a training programme to help them integrate with Thinc.
Commenting on the development Richard Verdin, sales and marketing director for Skipton-owned Direct Life and Pensions, said: “This situation demonstrates why ARs have to ensure that their chosen network has enough financial backing to protect them Otherwise they may find they are ARs of somebody different to whom they originally signed up with.”
Verdin also made it plain that Direct Life and Pensions were actively seeking to acquire networks and would welcome approaches from those who found themselves in difficulty.
Tony Corrigan, managing director of Classic Network Solutions, said: “I expect we will see a lot more of this as the true cost of regulation begins to bite.”
