New blow for finance centre as investment bank shuts office

The boutique investment bank launched its Yorkshire office in November 2010 to aid firms in the North of England with fundraisings of up to £100m.

It hired Gary Taylor and Peter Rowe from CBF Capital to run the operation from 1 City Square.

Liberum said at the time that it was “showing its commitment to regional businesses”.

But in a letter to contacts on Friday evening, Mr Taylor said that Liberum had decided to close the office.

He wrote: “We really believed that the region would benefit from having a large investment bank.

“Suffice to say, both Peter and myself have appreciated your support and hope that in one way or another that the North of England will see a resurgence in plc transactions.”

Mr Taylor told the Yorkshire Post yesterday: “The board took the decision to open the Leeds office on the basis it was a trial to see if there would be sufficient and material plc work to be gained by having a local presence. They decided the future workload from the North didn’t need a local presence.”

He has rebranded CBF Capital as Delectus Capital and wants to help companies, land owners and distressed property developers.

Mr Taylor, who has 20 years’ experience in corporate finance and has previously worked for PricewaterhouseCoopers and stockbroker TD Waterhouse, is also setting up a global charity fundraising business.

Mr Rowe has joined Zeus Capital, an independent investment bank based in Manchester.

Shane Le Prevost, former chief executive of Collins Stewart, established Liberum Capital in 2006. The bank has research, sales and trading operations and is joint broker to Sirius Minerals, which is developing a potash mine in North Yorkshire.

Mr Le Prevost, executive chairman, passed our calls for comment to chief executive, Simon Stilwell, who did not respond by the time of going to press.

News of the closure is another blow for Leeds’ reputation as a centre for financial services.

Investec confirmed last week that it was pulling out of corporate finance work in the city, which will see the closure of Evolution Securities’ Leeds office, headed by Joanne Lake, who is chairwoman of Financial Leeds, a body which represents financial and professional services firms.

But a source has suggested that the Leeds Evolution team could re-emerge in the city under another investment banking brand.

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