Jonathan Polin invests 200k in Ashcourt Rowan

Ashcourt Rowan Group chief executive Jonathan Polin has bought £200,000 worth of shares in the firm.

The purchase of 200,000 £1 shares gives Polin a 0.74 per cent stake in the firm. Other purchases include 42,000 shares bought by chairman Kenneth West and 12,000 shares by chief financial officer Neil Hale. Chief operating officer Jeremy Rance and non-executive director Ranil Perera have bought 15,000 and 5,000  shares respectively.

Last month, the firm announced that it is to raise £8.5m in cash by offering new shares in the company. The firm is also looking to make annual cost savings of £5.2m.

Other efforts to streamline the business include the merger of the  wealth management subsidiary Savoy Investment Management into Ashcourt Rowan Asset Management and a reduction in headcount at the business alongside the centralisation of the business onto one operating platform.