Clarkson Hill trading on AIM cancelled

Clarkson Hill Group, the financial adviser in administration following concerns over its capital position, has had its share trading on AIM cancelled after failing to re-appoint a nominated adviser (nomad).

Under AIM rules, the group had been required to appoint a nomad after being placed in administration a month ago.

The appointment of Tony Murphy and Robert Horton of Bridge Business Recovery led to Clarkson Hill's existing nomad, Cairn Financial Advisers, resigning with immediate effect.

Since July last year, the company has been in talks with the FSA relating in part to its regulatory capital requirements.

It emerged group chief executive Ron Pritchard and managing director Mike Robinson had lent the business £588,000 to help it meet the requirements.

The group's shares have been suspended from trading on AIM twice - first in July last year after failing to submit its annual accounts, and then again in November as concerns remained over the company's capital position.

In December last year, Merchant House group agreed to acquire certain assets from Clarkson Hill, including commission debtors to the tune of £4m, administrative staff and the company records.

A bulk transfer of the national IFA's practitioners was not agreed, although about 100 advisers moved to Merchant House earlier this month.