It says that the volatility in the global credit markets has precipitated its closure.
During 2007, The Commerce Centre built its business introducer base from 500 to over 3,000 registered introducers and increased turnover by 50 per cent.
Managing director Neil Harkin says: “I am obviously saddened and disappointed that we have to take this action particularly as the situation is clearly not a reflection on our staff or business model but rather a consequence of the volatility of markets globally. However, the uncertainty that continues to prevail in the UK credit market and the impact that this has had on our lenders’ ability to accept business, puts us in an untenable position. With no end in sight to the credit crisis we cannot continue to trade indefinitely under these circumstances”.
“We have of course explored all the alternatives to this decision and it is with regret that we must now effect an orderly wind down of current pipeline business”.