Shares suspended in Prestbury Holdings

SHARES were suspended in Prestbury Holdings today after the Cheshire-based financial services firm revealed it is unable to release its half-year results.

The Alderley Edge company, which made a £1m loss in the 14 months to December 31, 2007, told the Stock Exchange that it will not be able to release its interim results for the six months to June 30 by the September 30 deadline.

Last month the firm’s chief executive Lee Birkett and his finance director mother Lynne survived an attempt by rebel shareholders to oust them from the business, which provides mortgages, life assurance and critical illness policies.

Shareholders Armadillo Investments and Arlington Specials Situations Fund had called for the EGM and said they had lost confidence in Prestbury’s corporate governance standards and believed the business suffered too many conflicts of interest with certain members of its executive team.

Mr Birkett, who co-founded the business in 1994, is its largest shareholder, with a 26.7 per cent stake.

He said in July he was committed to Prestbury and was working `day and night’ with his team to help the business weather the credit crunch.

Chairman Francis Maude and non-executive director David Anderson have proposed a restructuring of the board so that the executive directors no longer form a majority.

Mr Birkett established Prestbury Holdings with Steve Keenan in 1994. Mr Keenan left as chief operating officer earlier this year.