View more on these topics

Prestbury fails in MBO

Prestbury has failed to secure backing from external shareholders for its proposed management buyout.

Chief executive Lee Birkett says he is disappointed by the decision as he does not believe Prestbury should be a publicly quoted company as being listed makes it harder to make acquisitions.

Prestbury’s executive management announced on January 31 that it had started discussions with the firm’s independent directors regarding a possible management buyout. These talks officially ended this month.

Birkett says the talks ended as it could not get external shareholder value for the MBO but he says the decision is not all bad news as it has managed to raise £5m cash as part of the process.

Birkett says: “It served its purpose, in that we raised £5m. We need the money markets to open up before anything else can happen. The market is in a precarious situation. Everyone is watching it very closely.”

Birkett says he will not rule out the executive management attempting an MBO again.

Prestbury recently withdrew from the IFA sector to concentrate on mortgages, blaming challenging market conditions. Following a stress and risk test assessment with the FSA, Prestbury decided that being in the adviser market did not merit the risks involved.

Hamptons managing director Jonathan Cornell says: “It is a lot harder to do a management buyout in the current climate, particularly getting the finance required.”


Darling fails to home in on crunch

The mortgage industry has hit out at the Government for not taking urgent action to address the liquidity crisis in last week’s Budget.

Cofunds cash haven fund outperforms

Cofunds’ cash haven has outperformed all its other funds – in or out of a tax wrapper – in January and February, which it says is due to investor nervousness regarding market volatility.

Leadership qualities

It seems that my wee firm finds itself disapproved of at the ABI. This seems to happen whenever we urge providers to be open and honest and so regain the moral high ground that an insurer should always seek to hold.

There’s always one…

l PR Budget shame of the year goes to Maitland, I’m afraid. At precisely 12.27pm on Budget Day, an unnamed PR lady (we are not being kind, Diary would name and shame but she was not kept on the phone long enough to chat, funnily enough) from said firm felt it was appropriate to call […]


School fees planning

Jeremy Pearson is Technical Support Manager with Canada Life’s ican Technical Services Team. Canada Life offers a range of wealth management solutions, including retirement income planning, estate planning and investment solutions from a choice of jurisdictions, including the UK, Isle of Man and Republic of Ireland. Many parents value the standard of education offered by […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    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