Charles Stanley Group, the stockbroker and financial services company, has announced its takeover of Edinburgh-based bond brokers, Sutherlands.Sutherlands, a privately owned brokerage specialising in bond research and institutional client trading, has offices in Edinburgh and London, and will “strengthen the [firm’s] presence in Scotland”, according to a statement made by Charles Stanley.
This will be the third new owner of the company since 2000, with HSBC, CCF Charterhouse Securities and ING all former proprietors. In 2002, it bought itself out of ING to become independent.
Sutherlands employs twelve staff in its Edinburgh office and eight in London, and has a turnover of £2.5 million. Profit before tax for 2003 was £13,765. Stanley said it hopes to make infrastructure savings. The purchase will be made with a £1.28 million cash payment and just over £1 million of redeemable loan notes and convertible bonds.
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