STRICKEN City broker Seymour Pierce has cleared a major hurdle in its bid to avoid administration after one of its largest creditors made it clear he was willing to be patient about calling his funds in.
Hopes the 130-year-old brokerage could be saved from administration were raised yesterday after a major Ukrainian investor indicated he would be willing to extend the repayment period of a £3m debt investment made last year.
An extension of the repayment period relieves some of the immediate pressure on the beleaguered firm, which put administrators on standby last week for potential insolvency, making it more attractive to potential buyers.
The unknown Ukrainian outfit ploughed money into the historic City broker last summer in the hopes of buying a substantial stake in the company, only for the deal to be rebuffed by the Financial Services Authority.
Seymour Pierce, whose holding company is chaired by prominent football financial adviser Keith Harris, has been hunting for investment for some months.