Durlacher retreats further as Chamberlain brothers depart
- May 31, 2002
The two directors have been heavily involved in the boom and subsequent bust of the internet era, and with Durlacher looking to distance itself from the shackles of anything related to dotcom, it was a foregone conclusion that they would need to move on.
Geoffrey, the chairman and former CEO, will be replaced by Tony Caplin in a non-executive capacity, while FD Graham will make way for current Durlacher compliance director Graeme Gordon, who will be responsible for financial matters as of July 1.
Durlacher's performance since its metioric rise in 1999 has mirrored that of its investee companies in the technology sector. At one point, Durlacher was valued in excess of £2bn, but has since fallen from grace having bought into its own opinions on technology stocks.
The company made a pre-tax loss of nearly £45m on declining sales of £12.7m in the year to 30 June 2001, largely due to writing down the valuations of companies held in its portfolio. This week it finally exited completely from Eckoh Technologies, the company previously known as 365 Corporation, selling its 2.42% stake at 5p-a-share.
The company will revert to its stockbroking roots, concentrating on small to mid-cap UK companies "across a range of sectors offering growth prospects" and will also continue its investment banking activities.
Shares are unchanged at 3p, valuing the company at £17m.