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Teathers

  • BY: Andrew Hore |
  • POSTED: 24/10/2008 |

Aim adviser Teathers has gone into administration.

The London Stock Exchange says that it remains a nominated adviser to its existing clients for the time being. This is temporary and Teathers will effectively have to reapply for nominated adviser status.

Teathers was owned by Landsbanki and was formed from the merger of Teather & Greenwood and Bridgewell.

Iceland-based bank Straumur-Burdaras is buying the Teathers name. It intends to employ 80 of the 90 people that currently work for the business. Straumur originally intended to buy the whole of Teathers but a lease on a London office proved a stumbling block.

Once the deal is completed and relevant staff are employed then an application for full nominated adviser status can be made.

Nick Stagg remains as chief executive of Teathers, which will operate from Straumur’s Berkeley Square offices.

Teathers is already losing clients. SovGEM has already moved to Hanson Westhouse, Netplay TV to Panmure Gordon and China Real Estate Opportunities has switched to Davy. Real Estate Opportunities has dropped Teathers as joint broker. 

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