Havant bank goes bust

The bank has closed
The bank has closed

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A SMALL bank based in Havant has gone bust.

Liquidators have stepped in to wind up Southsea Mortgage and Investment Company. The Financial Services Authority said that it had got into financial difficulties following the 2008 banking crisis.

The bank, which is based at Langstone Gate, Solent Road, had just over 250 savers with deposits of £7.4m.

Under the Financial Services Compensation Scheme (FSCS) all depositors will get their money back, up to a limit of £85,000.

In a statement the Bank of England said: ‘In order to minimise disruption and to provide access to funds, the FSCS intends to make its payout as quickly as possible.

‘Anyone with mortgages or loans from Southsea should continue to make repayments and service their debts.’

Accountancy firm BDO have been appointed liquidators.

Contact BDO on 020 7486 5888.