Redmayne-Bentley acquires Teathers
YORKSHIRE stockbroker Redmayne-Bentley, has bought the private client broking business of City firm Teathers out of administration.
The deal sees Leeds-based Redmayne-Bentley, which one of the UK’s largest independent private client stockbroking and investment management firms, acquiring the small operation from administrators KPMG.
Teathers, formerly known as Teather & Greenwood, called in administrators last month. The firm was owned by Icelandic bank Landsbanki, which was hard hit by the global credit crisis.
Landsbanki, which bought Teather & Greenwood for £43m in February 2005, was taken over by the Icelandic government after becoming over-exposed by the credit crunch.
The rest of the Teathers business which included corporate finance, market making, institutional sales and research, was acquired by Icelandic investment bank Straumur last month.
Keith Loudon, senior partner at Redmayne-Bentley said: “Following years of restructuring and takeover activity and more recently the effects of the international credit crunch, the private clients of Teathers can now be assured of a more certain and stable future for their broking service, more akin with its traditional history as independent stockbroker dating back to the 1880s.”
The Teathers private client business is mainly execution-only dealing carried out by a small number of executives based in Orpington, Kent.
Mr Loudon said that his firm would continue its growth.
“There are no plans to make anybody redundant at Redmayne-Bentley. We face the future with confidence. We are increasing our new business-getters which must add to the strength of the firm as a whole.”
