Fri, 22 Mar 2013 | ADMINISTRATION
Fyshe Horton Finney, one of the oldest stockbrokers in Birmingham, has entered administration.
The business can date its roots in the city back to 1896 as one of Birmingham's oldest stockbrokers. But recently the business has been in some financial difficulties, with its latest accounts showing a loss of £565,701 in the year to June 2011.
A number of key staff members have also left the business recently, including the chief executive Hardeep Tamana, who had run the company for the past nine years. Regional director Sue Grieson and director Clive Duckitt also left, relinquishing their seats on the board.
The administration process is being handled in cooperation with the Financial Services Authority (FSA). A statement from the FSA clarified: “The FSA has confirmed that Fyshe Horton Finney Stockbrokers has entered the Special Administration Regime on March 20, 2013. Paul Boyle and David Clements at Harrisons Business Recovery & Insolvency (London) Limited have been appointed joint special administrators.”
The authority added: “The firm placed itself into special administration, primarily on the ground that it is, or is likely to become, unable to pay its debts. If clients have any concerns they should contact the special administrators in the first instance.”
Fyshe Horton Finney has been on a strong expansion drive and owns 15 offices around the country. However, a statement from the company itself explained that there was a “difference of opinion” within the firm, which resulted in delays to plans for growth and development.
It added that there had been plans in place to move the company forward to offer “comprehensive and holistic wealth management and financial planning services” in addition to the traditional stockbroking services.
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