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Caerus reports £667k pre-tax loss after Paradigm deal

Caerus Capital Group made a £667,000 pre-tax loss in 2013, compared to a £300,000 profit the previous year.

In the network’s annual accounts, it says the acquisition of Paradigm Financial Advisers in October 2013 and sale of its majority stake in Allium Capital in February 2013 “involved significant legal and other associated costs”.

Caerus says the deals were the main drivers behind an 11 per cent increase in administrative expenses, from £5.3m in 2012 to £5.8m in 2013.

The firm reported turnover of £30m in 2013, down from £30.4m in 2012.

It says this is down to the introduction of the RDR and initial impact it had on fees earned by advisers, particularly in the first quarter of last year.

Caerus says that considering the impact of the RDR and the acquisition of PFA, its pre-tax loss figure is “satisfactory”.

In August, Money Marketing reported administrators were seeking £1.2m in pipeline commission from Caerus following the collapse of The Welbeck Group – one of its largest member firms – earlier this year. 

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