News blog
Prestbury Holdings
- BY: Andrew Hore |
- POSTED: 18/12/2008 |
Prestbury Holdings says that its main subsidiary has been placed in receivership and its nominated adviser has resigned.
Prestbury Financial Ltd has encountered problems transferring appointed representatives to Personal Touch Financial Services. Some of them have left for other firms and others have failed to agree terms.
Life insurance companies are trying to claw back commission on cancelled policies and they are withholding payment of other commissions. PFL is also owed £360,000 by appointed representatives who can’t afford to pay. This has led to PFL being put into receivership.
Non-executive director Lee Birkett along with SJ Keenan controls Prestbury Investment Management, which owes Prestbury Holdings £850,000. This has been written off in the Prestbury Holdings books because PIM is a mortgage packaging provider and it has been hit by the withdrawal of credit providers.
The shares were suspended on 10 September at 1.75p a share, which values Prestbury at £530,000.
John East has resigned as nominated adviser and a replacement will need to be found by 18 January 2009 or the quotation will be cancelled. Even if a new nominated adviser is found, which is unlikely given the poor financial state of the company, the shares will not return from suspension because the figures for the six months to June 2008 have not been released.
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