View more on these topics

John Charcol seeks investment or sale

John Charcol remains on the prowl for a buyer or investment despite a £1.5m cash injection by the company’s directors.

John Garfield, Jon Moulton and Charles Wishart have pumped £500,000 each into the firm to fill a funding gap in the accounts while seeking either a sale or major refinancing by existing investors.

The directors’ cash was invested between December 31 2007 and January 2 2008, according to a report in John Charcol Group’s accounts statement for the year ending December 31 2006.

In the statement, the brokerage’s auditor KPMG warns of material un-certainty over the company’s ability to continue.

A John Charcol spokesman says a review of the firm’s ownership which began in January will result in either a sale or a refinancing deal.

He adds: “When John Charcol was bought back from Bradford & Bingley in a management buyout it was an un-derperforming company, making a loss of £4.7m in 2005. In 2006, that figure had fallen to just £41,000.”

The spokesman claims that John Charcol’s enquiry levels have grown by 75% every year since 2006.


House prices fall for the sixth month in a row, says Hometrack

House prices have fallen for the sixth consecutive month, says property research firm Hometrack.The report says average prices slipped 0.2% in March with the annual rate of growth falling to +0.4%, the lowest level for 2 years and suggests that pricing will continue on a downward trend in the coming months. The survey did however […]

The proc fee dilemma

Natalie Martin The mood seems to be picking up in the packager market this week, with two firms reporting record months for mortgage applications. It still remains to be seen whether these are one off cases or the market is indeed starting to show signs of recovery. The biggest stumbling block for packagers though still […]

Following in the footsteps of Adam

We’re not referring to Adam of the Garden but of Kirkcaldy’s first son, Adam Smith, and his self-appointed heir and Kirkcaldy’s second son, Gordon Brown.

MP calls for FSA overhaul

The damning internal re-view of the Financial Services Authority’s blunders in the Northern Rock affair shows the regulator needs a “root and branch” reform.This is the view of John McFall, chairman of the Treasury Committee, who will grill FSA chiefs next month as part of an ongoing inquiry into financial stability.McFall says: “The industry has […]

Simon Fletcher

Auto-enrolment: pay attention or pay the price

By Simon Fletcher

As a chief executive officer of a business in the financial services sector, I have been dealing with the introduction of auto-enrolment for our clients for some time, but I can also speak from an employer’s point of view, having to go through the process ourselves.


News and expert analysis straight to your inbox

Sign up