Quindell hires broker for main market move

OUTSOURCING group Quindell Portfolio yesterday hired a second broker as it prepares to make the jump from AIM to the main London market.

Canaccord Genuity will work alongside existing adviser Cenkos Securities to assist the fast-growing firm on its transition to a full listing.

The announcement follows Monday’s declaration that Quindell will change its growth strategy and curb its relentless acquisition spree.

This move caps a turbulent three months that started when the company celebrated a 915 per cent rise in year-end pre-tax profits. But days later its share price halved after questions were raised over a complex derivatives deal used to fund a takeover.

Since then the shares, which were first listed in 2011, have recovered some ground and the company has pledged to focus on driving organic growth from its existing businesses.

But despite this new approach the company this week also announced the purchase of medical reporting firm React and Recover for £625,000 in cash and shares worth more than £12m.