Honister Capital is to make an undisclosed number of job cuts in a restructure of the business.
An email sent to all advisers last week stated the firm was making cuts to reduce operating costs which would see “reorganisation” of business monitoring, adviser development, compliance, IT and customer support services.
Honister Capital is made up of Burns Anderson, Sage Financial and Honister Partners and direct to consumer business Willis Owen.
The group made an operating profit of £468,000 in the six months to March 31 this year compared to a £2.2m profit in the six months to March 31, 2010.
However, the advisory businesses made a combined loss of £710,000 compared to an operating profit of £1m to March 31 2010 while Willis Owen made an operating profit of £1.18m, down slightly from £1.2m in 2010.
Honister would not confirm the size of the job cuts.
Honister Capital chief executive Richard Pearson (pictured) says: “Honister Capital remains a profitable group, but we have seen increased regulatory and trading costs in our advisory businesses during the last 12 months. It is therefore important that we reduce our operating costs to ensure long term stability of employment and service levels to advisers and business principles.
“As such, we are carrying out an internal consultation to restructure the group. This will involve a reorganisation of some functions and reduction in staff numbers to provide a more efficient and coordinated service to our advisers.”