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View the article online at http://citywire.co.uk/wealth-manager/article/a650229

Fyshe Horton Finney faces uncertain future as CEO quits

by Annabelle Williams on Jan 11, 2013 at 11:04

Fyshe Horton Finney faces uncertain future as CEO quits

The chief executive of regional stockbroker Fyshe Horton Finney has left the firm while two directors have stepped down, raising questions marks over the future of the struggling business.

Chief executive Hardeep Tamana, who had been at the helm for nearly nine years, has left while director Clive Duckitt and regional director Sue Grieson who oversaw the bulk of the firm’s activities in the north have relinquished their seats on the board of directors.

The changes were confirmed with postings on Companies House. Duckitt is believed to have worked at Fyshe Horton Finney for the entirety of his career, and he still remains a shareholder in the company.

Fyshe Horton Finney, which has 15 branches predominantly in the north of England, has struggled to turn a profit in recent years, and in its most recent filing showed a loss of £565,701 for the year to June 2011.

This was an improvement from the £913,834 loss made the previous year but the company said it was aware that 'effects of the global economic situation continue to have significant effects on the company and its clients'.

The business seems to have been burdened by hefty costs, as in 2011 group turnover of £3.01 million was swallowed up by £3.95 million in administrative expenses.

In 2010 Fyshe made an attempt at resurrecting the brand by taking on a number of former Edward Jones advisers to open six new franchised offices around the country. But in  2011 the stockbroker made a number of redundancies at its Leeds office, counter to a trend among bigger rivals such as Brewin Dolphin which were expanding in the city.

4 comments so far. Why not have your say?

david mann

Jan 13, 2013 at 09:25

Darwinism

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Bex

Jan 14, 2013 at 16:19

What is the story here? Directors come and go and all of this information is available (for a pound) from Companies House. The original incarnation of this journalistic shambles included a line about Duckitt having 16% 'of the directorship', whatever that means? Many companies 'lose' money on paper, and therefore pay little tax too. This is a poor piece of 'journalism' and only attempts to sensationalise widely available, and very ordinary, facts. Up your game, CityWire.

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Harvey 1

Jan 15, 2013 at 08:24

Well said Bex - sloppy journalism indeed Annabelle. Wake up !

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Sean Narey

Mar 22, 2013 at 07:45

Does not look so sloppy now does it oh you brave "anonymous" posters.

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