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Perspective managing director Damian Keeling leaves consolidator

 

 

Perspective Financial Group managing director Damian Keeling has left the consolidator, Money Marketing understands.

Earlier this year, Money Marketing revealed Perspective was forced to defer payments to some of its acquired firms and that Paradigm and Bankhall founder Paul Hogarth had invested £2m into the group in the form of a loan. Perspective agreed with five advice firms it acquired to defer the payments owed under the acquisition terms.Perspective Financial Group managing director Damian Keeling has left the consolidator, Money Marketing understands.

Keeling has led Perspective since it launched in 2008 and pursued an aggressive acquisition strategy which saw the group buy up over 30 adviser firms. 

In January, an update was posted on Companies House suggesting that Keeling had stepped down but this was dismissed by the firm at the time as an administrative error.

Perspective abandoned plans to raise £28m through a float on the Alternative Investment Market last August. It had planned to use the cash for operating capital, future acquisitions and to service a loan finance facility from Lloyds Bank.

It was also revealed in January that group operations director Peter Craddock and finance director Phil Carr had left the business. Craddock has since joined the FCA’s regulatory decisions committee.

Perspective declined to comment. 

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Comments

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

  1. David Brattesani 25th April 2014 at 9:32 am

    The script on Perspectives performance to date could have been written in 2008. New consolidator arrives with a “war chest” in a blaze of publicity, embarks on an aggressive buying spree, abandons float and fails to sell when it puts itself up for auction, defers payments due to acquired firms, increases debt to the tune of £2m, and management team leave over a four month period.

  2. Along the way a number of good people lost their jobs and clients were disrupted, just to line the pockets of the chosen few. Yes, it is a business risk, but they leave a trail of innocent casualties behind.

    I have come to realise that that is the name of the game at the top of larger organisations, build up the assets and walk away with a big pay cheque, Mr Fisher at Towry being the latest beneficiary.

    I am now self employed and committed to making a difference to the lives of my clients, something which gets lost in all this haze of corporate speak that we are subjected to.

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