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SPF reverses fortunes with profit of £952,000

SPF Private Clients has reported a pre-tax profit of £952,000 for the eight-month period ending on December 31 2011.

The profit compares with a loss of £341,000 in the 12-month period to April 2011.

In May 2011, Savills sold an 80.01% stake in the business to the senior management team of Savills Private Finance, which rebranded the brokerage SPF Private Clients.

The company’s accounts, filed at Companies House at the end of April, show that since the buyout, the firm has seen an operating profit of £946,000, compared with a loss of £345,000 in the 12 months to April 2011.

The results say: “The directors expect the company to remain profitable during 2012 and stay in that position for the foreseeable future, but acknowledge that it will be trading under tough market conditions.”

Mark Harris, chief executive of SPF Private Clients, says the turnaround is down to cost savings as a result of the buyout and an increased focus on high net worth clients.

He says: “The business has been focussing more on the top end of the market, where transactions are more complex and difficult but more profitable if successful.

“Within our business we have a successful IFA practice and insurance broking business, so only around half of the business at SPF is mortgage broking.”


L&G appoints new group chief executive

Legal & General has promoted its group chief financial officer Dr Nigel Webster to become the insurer’s new group chief executive, replacing the its current chief executive Tim Breedon.

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The market desperately needs more competition and this can’t happen without new entrants. But the FSA’s tough stance and delays in gaining authorisation are making this a difficult prospect


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