ONE of Britain’s oldest regional stockbrokers has gone into administration after struggling to cope with a lack of IPO (initial public offering) activity.
Paul Boyle and David Clements, of Harrisons Business Recovery and Insolvency, have been appointed joint special administrators to stockbrokers Fyshe Horton Finney, which had an office in Leeds. Established in 1896, the firm, which has 13 staff, operates 15 offices across the country.
A spokesman for the special administrators said: “By entering the special administration regime, it is unlikely that it will be able to pay its debts now or in the near future. Fyshe Horton Finney is the fourth company to be placed into special administration by the Financial Services Authority since the regulations came into force in February 2011.”
Falling revenues squeezed margins at Fyshe Horton Finney, and despite efforts to drive down costs by scaling back its Leeds operations in 2011, the company’s combined losses total £3.4m since 2009. Mr Clements said: “Clients and creditors who have any concerns should contact us.”