Sprung’s three-year tenure on the board of Royal Liver came to an end at the firm’s May annual general meeting and it is believed that he will not be seeking re-election. Royal Liver is understood to be trying to offload Park Row. Marketing director Carey Shakespeare insists Sprung is still committed to the business and there will be no changes to his role as chief executive at Park Row.
He says: “Sprung is still an active member of the Royal Liver management and he is also head of UK distribution.”
In May, Royal Liver confirmed that it had received a number of enquiries for the Park Row business and said it was considering its strategic options, which could include a withdrawal from the distribution market.
Royal Liver bought the adviser business in 2003 for £16.7m. Park Row posted operating losses of £5.8m in 2008 despite cutting costs by £3.3m between 2007 and 2008.
Shakespeare says there is no update on a possible sale. The firm is under FSA investigation for systems and control issues.