INVESTMENT MANAGER Hume Capital Securities has appointed a new finance director amid a raft of board changes, following a review which found the need for a “significant” capital injection into the business.
David Barrow, a former FD at David Taylor Partnerships with experience in refinancing and restructuring, joins with immediate effect as finance director, and replaces Mike Frame who will remain with the company with responsibility for risk management and will assist with the handover.
Hume said it has also promoted its corporate head to succeed former chief executive Nitin Parekh, who resigned in May amid a review of the company’s finances and efforts to restructure the business and cut costs.
The company, which reported a £0.7m loss for the six months to 28 February, said a group of investors has confirmed it intends provide funding that will secure the business for the short and medium term.
David Taylor, an existing shareholder of Hume who has worked closely with the new finance director, will subscribe for 425.1 million new shares, which will raise £425,000 and give Taylor a 20.44% stake in the company.
Barrow qualified as a chartered accountant in 2008 before moving into industry. He led the budgeting and forecasting functions in the finance department of Victrex between 2010 and 2012, subsequently worked as FD designate for Recycling Lives, a privately owned recycling and waste management company, before joining David Taylor Partnerships and a variety of David Taylor’s investee companies as FD in March 2013.
Hume Capital Securities was formed from the merger of an asset management business established in 2007 – with a team managing hedge funds, pooled funds for clients of IFAs and separate accounts, with an independent, relationship led, full service capital markets business admitted to trading on AIM in 2010.