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View the article online at http://citywire.co.uk/wealth-manager/article/a702494

Brewin Dolphin closes three more offices in consolidation wave

on Sep 12, 2013 at 08:10

Brewin Dolphin closes three more offices in consolidation wave

Brewin Dolphin has closed a further three offices, with its Inverness, Hereford and Teesside hubs to be merged away.

The Inverness branch will be absorbed by the Aberdeen office, and Hereford and Teesside will be merged with the Cheltenham and Newcastle offices, respectively.

The latest consolidations follow the closure of the group’s Swansea office after it was merged with Cardiff in July.

Last year, Brewin also shut its Bradford branch, merging it into Leeds, while its Dumfries office was amalgamated into Penrith, in what then chief executive Jamie Matheson called a branch ‘tidy up’.

The group said it did not anticipate further office closures and a spokesperson told Wealth Manager: ‘Now we have a more efficient national footprint, we anticipate no more closures and are actively looking at new opportunities around the group.’

The spokesperson said it was ‘too early’ to provide a steer on the number of potential redundancies, but added a process was in place ‘to offer redeployment opportunities elsewhere in Brewin Dolphin’.

Restructure

The latest closures come on the back of a major restructure of the nationwide business. This began with an overhaul of its management, which saw Matheson (pictured), who was also chairman, exit, and the number of board members cut from 12 to nine.

In May, Brewin successfully raised £40 million through a share placing to help fund growth opportunities and improve efficiency.

Commenting on the Inverness office’s relocation to Aberdeen, regional director Marc Wilkinson said: ‘While I recognise this is a sad day for Inverness, we are continually reviewing how we conduct our business to ensure that our clients receive the best possible service. 

‘I am confident that all our clients will be very well served from the Aberdeen office and our offices in Edinburgh, Glasgow and Dundee, and that we will continue to grow our important and highly valued business in the Highlands.’

Bruce Angus heads Brewin’s Aberdeen office with William Baker Baker and Alex Barrell leading the Newcastle and Cheltenham offices, respectively.

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