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Paradigm confidence despite loss of £1.5m

Paradigm Partners has recorded a £1.5m loss in its latest fin-ancial results.

The losses cover the period from Paradigm’s launch in 2006 to March 31, 2008. Its results for year ending March 2009 are overdue.

As at March 2008, liabilities exceeded total assets by £1.4m and total debt was £1.75m.

An auditor’s note from Deloitte says there is uncertainty over the firm’s ability to continue as a going concern due to its losses, the fact that its liabilities exceed assets and the level of its turnover, which was £412,834 over the period.

Partner Anthony Morrow says: “As with any new venture, we fully expected to make losses in the first three years as we invest in building the infrastructure and the proposition. We have been cash-generative for over nine months now which is ahead of schedule, as is our membership growth which is now over 300.

“We have built a formidable proposition so changing our approach would make no sense at this time. Our decision to have full audited accounts produced by the largest professional service firm in the world demonstrates our focus on transparency and our rigorous corporate governance. The fact that we have had these signed off as a going concern is testament to the long term viability of the business.”

In November, Money Marketing revealed that pension guru Steve Bee was leaving Scottish Life to launch a new adviser-focused platform with Paradigm chief executive Paul Hogarth. Last month, Paradigm Partners launched JargonFreePensions. co.uk, fronted by Bee.

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Comments

There are 4 comments at the moment, we would love to hear your opinion too.

  1. Whilst i admire Paradigms confidence about the future i am not sure why any IFA would join or stay with them given this level of financial Uncertainty. Surely its best to give them a wide berth until they can prove that they are financially stable and that the services they provide aren’t centred around the Nucleus wrap with a 15bp price increase for my clients. I wouldn’t have thought this was TCF anyway?

  2. A Hogarth vanity project to take on Bankhall, Biz and 360??

    Blooming expensive one, makes sportscar racing look cheap 🙂

  3. All the nice little skims off investment business must not be working! TCF??

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