One of the City’s oldest stockbrokers is reportedly in talks to secure an emergency cash injection to stave off administration.
Seymour Pierce, which is best known for advising on the sale of Premier League football clubs, is understood to be on the brink of collapse after recent efforts to raise finance have failed.
Administrator Grant Thornton has already been placed on alert, according to reports, but it is believed the business is still hoping to find a ‘white knight’ investor.
Seymour Pierce, which traces its name back to 1883, has been hit by a slump in deals since the financial crisis.
The latest available results show the group made a pre-tax loss of nearly £600,000 in the year to September 2011.
Others in the sector, such as Collins Stewart and Evolution, have been taken over in recent years.
Seymour Pierce boss Keith Harris led a management buyout (MBO) of the group in 2003, backed by Alchemy Partners.
He is understood to have attempted to sell the company to US firm Gerova Financial two years ago, but the deal fell through.
In the early 20th century, Seymour Pierce specialised in raising funds for small gas and water utility companies.