CMC Markets to close Irish office in rethink

CMC Markets, the spread betting group, has decided to close its Dublin office, bringing the operation of its Irish business into its London headquarters.

The group, which is expected to swing back into profit in its financial year to the end of the month after two successive annual losses, says the move is largely tactical.

“We’re the second largest player in the Irish market but half the workload is already serviced from the UK,” says chief executive Doug Richards. CMC said it would not make any cost savings from the closure. CMC opened its Dublin office in 2007.

“We’re heading for a record turnover, client trades and a turnaround to profit,” said Richards, who said that the flotation of the business was still the group’s intent.

CMC is also planning some management changes, which were announced internally last week. Five roles will be affected by the shake-up.

Again Richards put the management changes down to the “ordinary course of business.”

The spread betting sector has been hit by nervousness following problems at Worldspreads, whose shares were suspended on Friday. Last night the group went into administration.