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.