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Fyshe Horton Finney enters voluntary administration
by Dylan Lobo on Mar 19, 2013 at 13:30
This came after it posted an annual loss of £996,000 in 2010, which was a narrowing from the loss of £1.8 million in the previous year.
Performance continued to show signs of improvement in 2011, with losses narrowing to £565,701. However, business costs continued to take their toll, with turnover of £3 million offset by nearly £4 million in administrative expenses.
On top of this, the firm's board suffered upheaval at the start of this year as its chief executive Hardeep Tamana stepped down after nearly nine years at the helm. He was followed by the architects for the firm's northern strategy, Sue Grieson and Clive Duckitt.
In February Fyshe told Wealth Manager it was looking to raise capital to fund a diversification out of wealth management.
'A further capital raising exercise is being conducted with majority shareholders already committed to this and although our core business will remain private client wealth management, we will be launching some new innovations in the near future,’ a spokesperson for the business told Wealth Manager at the time.
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