Stockbroker Old Park Lane poised to reveal rescue deal
Old Park Lane’s new stratetgic partner is thought to be Solo Resources Partners, based near Liverpool Street Image: Getty Images
Old Park Street Funding, the all-natural sources financier run by Michael
Parnes, is positioned to reveal a requisition or merger created to save the
loss-making business from collapse.
It is believed that the possible customer is Solo Capital Allies, a.
independently had London and Dubai-based investment firm.
Solo’& rsquo; s president, Anne Stratford-Martin, the former principal operating.
officer and director of lawful at Cantor Index, joined the Old Park Street.
board as a director last month, according to filings at Firms House.
Old Park Lane hopes the offer, which could possibly be revealed today, will place the.
business on a more protected financial ground.
The business slumped to a £& pound; 435,578 loss for the year to December 31 2013, down.
from a revenue of £& pound; 82,056 the previous year. Turnover dropped 57pc over the very same.
period, from £& pound; 1.8 m in 2012 to £& pound; 777,527 last year.
In the 2013 accounts, directors stated they were “& ldquo; hopeful & rdquo; about a. honest merger that would “& ldquo; substantially and instantly reinforce the.
earnings of the company”&
rdquo;. However Old Park Street & rsquo; s auditor, Citroen Wells, cautioned that the company needed.
further equity funding to meet regulatory capital requirements.
“& ldquo; Ought to the negotiations with the critical partner not full, and alreadying existing.
shareholders do not give more support to the company if requested,.
there would be material unpredictability regarding the company’& rsquo; s capability to proceed.
as a going worry,” & rdquo; it said.
It is understood that Old Park Street approached one more well-known City.
brokerage regarding a takeover in recent months. The firm, which asked not to be.
named, chose not to go after the deal.
Mr Parnes established up Old Park Lane in 2007 to concentrate on Aim and also international double.
lists, equities trading, CFDs as well as spread wagering.
Solo Resources and Old Park Street declined to comment.