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Charcol directors set to make fresh injection

John Charcol directors look set to stump up more cash to fund the mortgage firm through current market conditions, with a sale now unlikely.

Money Marketing revealed in March that three of the company’s key directors – John Garfield, Jon Moulton and Charles Wishart – paid £1.5m to plug a hole in the company’s accounts after auditor KPMG warned of the “material uncertainty” of the broker continuing as a going concern.

The firm said the funding was an “interim measure” prior to an ownership review. It put itself up for sale in January with a price tag understood to be around £50m.

A John Charcol spokesman says the review has not yet been resolved but there is likely to be refinancing from its current shareholders, notably Garfield and Wishart. He says they will make “significant further investments” into the business.

A spokesman says: “This will give the business a solid financial base and leave John Charcol in an excellent position to capitalise in a mortgage market where increasing numbers of borrowers are seeking mortgage advice.”

John Charcol’s accounts for the year ended December 31, 2006 show that it incurred a net loss of £41,000 and its parent company’s liabilities exceeded its assets by £150,000.

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