Honister Capital to axe staff in restructure

Honister Capital is set to make a number of job cuts due to increased regulatory costs.

The group, which consists of Sage Financial and Honister Partners, Burns Anderson and Willis Owen, said it is undertaking a consultation into a restructure aimed at reducing operating expenses amid escalating regulatory costs. 

Its consultation will take place throughout August and September with an announcement due in October.

"Honister Capital remains a profitable group, but we have seen increased regulatory and trading costs in our advisory businesses during the last 12 months," said chief executive officer Richard Pearson (pictured).

"It is therefore important we reduce our operating costs to ensure long term stability of employment and service levels to advisers and business principals."

He added the restructure will involve a reorganisation of some functions and a reduction in staff numbers to provide a more efficient service to its advisers.

The group has around 1,100 advisers but a spokesperson said the job losses will likely impact back office staff and those providing support services to advisers.