Northgate shakes up corporate broker team following a review

Marion Dakers
VAN rental group Northgate yesterday revealed that it has replaced both its corporate brokers.

FTSE-listed Northgate spent around a month holding a beauty parade for its new brokers, and yesterday said it had picked Barclays and Numis.

The pair replace Jefferies and Oriel Securities with immediate effect. Jefferies became Northgate’s broker when it took over RBS Hoare Govett in 2011, while Oriel won the mandate in 2008, according to Northgate’s annual reports.

The firm was satisfied by the service provided by its previous brokers, but decided to hold a review of its advisers, it is understood.

The change comes two weeks after Northgate completed a refinancing that included a £428m multi-bank facility.

The firm fell out of the FTSE 250 index last summer and is now a member of the FTSE small-cap index.

Both the old and new brokers declined to comment yesterday.