Losses nearly double at Third Quad after painful restructuring

THIRD Quad Capital, the latest venture from former Blue Oar Securities boss Andrew Monk, has seen losses almost double over the first half of the year as it completes a “painful but necessary” restructuring.

Monk, who was ousted from Blue Oar when it was taken over by Edward Vandyk’s Evolve Capital last year, said the group’s recent acquisitions would enable it to expand in future with “positive cash balances, a strong balance sheet, reduced costs and a determination to grow”.

Last month, the business bought loss-making corporate finance and broking house VSA Capital for a nominal sum, as a shell to facilitate Monk’s return to the broking sector.

Monk, who previously founded Blue Oar and built Oriel Securities into a £40m business before selling up in 2006, said at the time he aimed to grow VSA rapidly over the year.