Ascot Lloyd reported an operating loss of £1.5m at the end of last year, according to accounts filed at Companies House, which was a decline on the £470,617 profit reported in 2016.
The firm now holds net assets of £342,913 compared to £1.2m in 2016.
A decrease in revenue from £18.4m to £18m was linked to “revised treatment of revenue” to align with overall group strategy following Ascot Lloyd’s 2017 merger with Bellpenny, which resulted in the business being owned by Bellpenny’s private equity backer Oaktree Capital Management.
Ascot Lloyd received £18m in fees for advisory services and commissions against £18.4m in 2016. Administrative expenses up were up £2m to £19.6m.
Director remuneration was £242,717 against £156,772 in 2016, while £376,585 was spent on redundancy costs last year, with no figure provided for 2016.
According to Companies House records, six of the firm’s eight directors resigned on 30 June 2017, including Richard Dunbabin who was chief executive of Ascot Lloyd prior to its merger with Bellpenny.