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John Charcol in negotiations with Ian Kennedy over future role

John Charcol has confirmed it is currently in negotiations with chief executive Ian Kennedy about his future role at the firm.

A spokesman for the firm would not confirm whether Kennedy was leaving the firm but stated that he is currently in talks with John Charcol’s executive chairman John Garfield.

This comes after John Charcol’s private equity shareholder Advantage Capital sold its 15 per cent stake to the company’s founders after a sale of the broker was ruled out.

The outcome of the strategic review announced in January will see directors John Garfield and Charles Wishart acquire the interests of Advantage Capital.

Garfield and Wishart, along with shareholder Jon Moulton, will also make significant further investments to the working capital of the business.

Money Marketing revealed in March that these three directors had 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.

Kennedy joined John Charcol in October 2006 replacing Garfield who took up the position of executive chairman. He joined from Liverpool Victoria where he was a director.

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