ONE of the UK’s oldest regional stockbrokers, established more than a century ago, yesterday confirmed that it had fallen into administration.
The Financial Services Authority (FSA) said Fyshe Horton Finney, which has offices in London, Birmingham and Leeds as well as another dozen in towns across the UK, had placed itself into ‘special administration’ as it was unlikely to be able to pay its debts.
The firm, founded in 1896, has suffered combined losses totalling £3.4m since 2009 as its operating costs have rocketed.
Paul Boyle and David Clements at Harrisons Business Recovery & Insolvency have been appointed joint special administrators for the firm.
It is only the fourth time the FSA has initiated the ‘special administration regime’, which came into effect two years ago.