Brewin Dolphin Holdings PLC
31 January 2001
MANAGEMENT CHANGES AT STOCKTRADE
Following the downturn in on-line and execution
only trading volumes compared with the exceptional activity
levels experienced by the industry early last year, Stocktrade
has postponed its plans for flotation. As a result Sir Peter
Thompson has decided to retire as Non-Executive Chairman of
Stocktrade, and Andy Hirst, by mutual agreement, will step
down from the Board to pursue other e-commerce opportunities
probably back in the United States.
The Board of Brewin Dolphin Holdings is delighted to announce
that Charlotte Black, Marketing Director of Brewin Dolphin,
and a member of the CRESTCo Board will join the Board of
Stocktrade, to take over as Non-Executive Chairman. Mike
Graham presently a Director of Stocktrade becomes Managing
Director.
A review of the business has been undertaken and it is
expected that there will be a number of redundancies at
Stocktrade. The resultant cost savings should allow
Stocktrade to achieve a small profit in the current financial
year on the basis of present trading volumes. The costs of
the redundancies and reorganisation will be charged to Brewin
Dolphin's first half results for the current year. In the
year ended 30th September 2000, Stocktrade contributed £38,000
to Brewin Dolphin Holdings pre-tax profits of £24.2m.
Stocktrade's first half profit in that year was £0.7m with
losses in the second half of a like amount.
John Hall, Chief Executive of Brewin Dolphin, said 'Sir
Peter's and Andy Hirst's roles had been to take Stocktrade
through a phase of growth and development and we are very
grateful for the contribution they have both made. Stocktrade
has reacted quickly to changes in activity levels in its
sector. I would like to express our sincere thanks to the
continuing Stocktrade team and to those who are leaving us,
for their significant contribution to the development of the
company'.
For further information, please contact:
John Hall
Chief Executive
Brewin Dolphin Holdings
Tel: 0207 248 4400
Hamish McFall
Rosie Brown
Tavistock Communications
Tel: 0207 600 2288