View more on these topics

Honister Capital makes £1.5m profit

Honister Capital made an operating profit of £1.5m between June and the close of its financial year on September 30 last year.

Honister says £1m of its profits came from the advice businesses and £500,000 from direct-to-consumer business Willis Owen.

Honister generated revenues of £30.4m.

Honister Capital was formed last June after Money Portal was placed in administration with debts of over £52m. TMP subsidiaries Sage, Burns Anderson and Willis Owen continued to trade under the Honister Capital umbrella but its national arm Bates was placed in administration, with advisers transferring to new entity Honister Partners.

The firm is backed by Monsoon founder Peter Simon, has no bank debt and had an overall cash balance of £11.3m at December 31. It has around 1,400 advisers, 100 fewer than Money Portal did in June.

In the 12 months to September 30, Burns Anderson made an operating profit of £300,000 on a turnover of £30.9m while Sage Financial made £1.3m on £28.3m turnover. Willis Owen, with a margin of 98.7 per cent, made an operating profit of £2.1m on £2.7m revenue.

Chief executive Mark Lund says: “This is a strong start for our new company, especially when we consider the wider economic environment.

With the new group bedded down, we are well placed operationally and financially. Our priorities are threefold. We must get ready for the retail distribution review, continue to give the best possible service to our advisers and business principals and structure the group so it can accommodate independent and restricted advisers.”

Recommended

Knight firm rebrands and recruits ex-FSA director

Checkmate Mortgages has appointed former FSA director Ronnie Baird and ex-Stroud & Swindon chief executive David Hill to its board as it rebrands to Portillion. The firm has also signalled its intention to collect retail deposits, with the creation of a savings director role in a raft of new appointments. Baird joins as senior non-executive […]

Risks remain “to the downside” says King

The risks to the Monetary Policy Committee’s view of a gradual recovery in Britain’s output “remain to the downside” said Mervyn King, governor of the Bank of England, today at a treasury committee hearing.

Auto enrolment – so far so good?

Jamie Clark – Business Development Manager The recent report from the Pensions Policy Institute demonstrates the sheer scale of auto-enrolment so far and what we can expect in the future. We’ve pulled out the key information to save you reading the full report. Auto enrolment in numbers Sources: Pensions Policy Institute, The Future Book: Unravelling […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. So lets get this right, a company goes bust, dumps £55m debt onto the market with an ‘I’m alright Jack!’ attitude and then crows about £1.5m profit. By my meagre mathematical reckoning, that makes a running £53.5 million loss!

    And where in the figures is the P&L for Honister Partners, the advice arm that went bust…. sorry, ‘into administration’?

    Mark I don’t blame you for what you say, you have too, both for internal politics and to look good to the wider market (for future floatation) and the FSA, but a more honest approach (I know, how silly of me!) would have been; ‘this is ok, but given the debt we owe the market, our advisers and customers, who have had to pick up the debt we so casually waltzed away from, we will be endeavouring to increase profits over the next period to repay what we owe and then forcing the resignations of the people who ran the business into the ground’.

    Ahh well, we can only dream!!!

  2. £1.5M profit? It’s a shame they can’t share a little of that with their admin staff who haven’t a pay increase for several years!

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com