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Prestbury Holdings

  • BY: Andrew Hore |
  • POSTED: 23/09/2008 |

Prestbury Holdings is transferring its appointed representatives to Personal Touch Financial Services because it is unable to continue trading in its current form.

There are up to 80 appointed representatives which will enter into discussions with PTFS about the transfer. Commission payments owed by Prestbury to the appointed representatives will be paid PTFS. The maximum aggregate payment that will be taken on by PTFS will be £500,000. PTFS can choose not to take on the payment of some commissions so Prestbury will still have to pay them.

Prestbury directors Lee Birkett and Kevin Sample will manage a Personal Touch National Sales Centre. Birkett also owns Prestbury Investment Management, which will be the approved mortgage packaging provider for the appointed representatives for 12 months. PIM owes Prestbury £850,000 and Prestbury has the option to acquire PIM for £1.

The FSA will have to agree to the transfer.

Prestbury should have £10,000 in cash when the transfers are completed. There will be no trading business.

The shares were suspended at 1.75p on 10 September. Prestbuy said it was because it was not going to bring out its interim figures by the end of September.

Prestbury is looking for an earnings enhancing acquisition of a financial services business which does not need any additional cash.

Chief executive Lee Birkett and executive director Kevin Sample will become non-executive directors and waive their entitlements to compensation for loss of office. Birkett’s mother Lynne will remain as finance director. 

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