Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/wealth-manager/article/a667017
Fyshe Horton Finney enters voluntary administration
by Dylan Lobo on Mar 19, 2013 at 13:30
Wealth Manager can reveal Fyshe Horton Finney has entered voluntary administration following a boardroom clash on the company's future.
The regional stockbroker, which has 15 offices dotted across the country, told Wealth Manager this difference in opinion had resulted in a delays in plans to develop and grow the business.
'As a result of this the board has made the decision to enter voluntary administration to protect our clients and their assets. We foresee this as a temporary situation,' the firm said in a statement.
Fyshe said a director had resigned, which has resulted in the board being in 'full agreement' over the future direction of the business.
The firm said: 'Significant new funding has been secured to carry through our plans to transition Fyshe Horton Finney from a provider of mainly traditional stockbroking services to a business offering comprehensive and holistic wealth management and financial planning services.
It added: 'We have been in close talks with the FSA and the regulator is fully aware of our plans. We expect to emerge from administration a stronger, healthier and better business than ever before.
'In the meantime I would like to reassure our clients that their assets are 100% secure. We will keep clients fully up to date with the situation and will be in contact with them directly very soon.'
The FSA register states the firm is 'closed to regulated business'.
The news comes after a difficult period for Fyshe, with combined losses totalling £3.4 million since 2009 on the back of rocketing operating costs.
To control these costs Fyshe opted to scale back its Leeds arm in June 2011 and refocus in strategy around its Midlands headquarters.
News sponsored by:
Today's top headlines
More about this:
More from us
- Fyshe Horton Finney scales back Leeds investment team
- Fyshe Horton Finney faces uncertain future as CEO quits
- Fyshe Horton Finney plans new ventures in management reshuffle